News | Tax

CBDT extends IT-return deadline to 30 Sep from 31 July

The government has extended the due date for filing income tax returns for assessment year 2021-22 by two months, to September 30, 2021 from the...


Govt to tweak income tax law further to prevent pile-up of disputes

The government has progressively raised the monetary threshold for appeals by the tax department at different levels of resolution to cut down on...


Income Tax department issues reassessment notices for time-barred FYs

Income tax department has started issuing notices of reassessment of tax liability for FYs 2013-14, 2014-15 and 2015-16, according to The Economic...


Post Office Schemes: Cash Withdrawals above Rs 20 lakh to attract 2%-5% TDS

The Department of Posts has issued new rules for deduction of TDS if the aggregate withdrawal from all post office schemes is more than Rs 20 lakh.


CBDT issues ITR forms for Assessment Year 2021-22

The Central Board of Direct Taxes has notified income tax return forms for the assessment year 2021-22 with no significant changes, keeping in view...


Govt hikes Provident Fund tax exemption limit to Rs 5 lakh under certain conditions

The government has raised the threshold limit of tax-exempt contributions to the Provident Fund (PF) to Rs 5 lakh (from Rs 2.5 lakh announced in...


Taxman to rely on third-party information on taxpayer for inquiry; will reduce harassment

Assessing officers will be able to begin inquiry based on third party information from audit or agencies, rather than anonymous information, which...


Not serving notice period at job to attract 18% GST

The Gujarat Authority of Advance Ruling has held that an employee exiting a company without completing notice period would be liable to pay 18% goods...


Dubai-based executive of HDFC Bank made to pay tax on ESOPs in India

In a recent order, the ITAT (Income Tax Appellate Tribunal) bench rejected the contention of the HDFC Bank employee that the ESOPs related to...


Income Tax surveys shall be permitted only after nod from high-ranked officers, says CBDT

Only after approval from principal chief commissioner or chief commissioner level officer the TDS directorate will be allowed to conduct Income tax...


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Changes in Our Business Model
Greetings from Moneylife Advisory Services
Between financial years 2019-21, SEBI has come up with extensive changes to investor advisor regulations. On Sep 23, 2020, SEBI had issued new additional guidelines. This comes just two months after extensive changes announced in July 2020. Earlier, in December 2019 there was an ad hoc circular
As a result of these changes, IAs, cannot accept fees through credit cards, will have to sign a 26-clause investor agreement, have to maintain physical record written & signed by client, telephone recording, emails, SMS messages and any other legally verifiable record for five years. IAs were already asked to record the suitability and rationale for every piece of advice given, sign them and store them for five years.
While these extensive and frequent changes, designed to strengthen the conduct of IAs are well-meaning, these have sharply increased compliance efforts and cost. We, being online advisors, find many of changes harder to implement, compared to advisors working in the physical space. We will have to have an army of advisors, administrative and tech staff to be compliant. If we do this, we will have to divert money to these areas and the cost of our service will double. We want to remain the least-cost service in the market to benefit more and more people. In the circumstances, we are forced to change our business model from “advisory” to “research”. This will mean the following:
What remains the same:
  • Recommendations on insurance, investment and Lion stocks, will continue as a part of the MAS premium subscription. Our strength has always been research and this will remain available to you through our recommendations.
  • The magazine and all textual content will remain as part of the service
  • The investools will have to be reworked and will offer model portfolios. We will have to suspend the restructuring tool.
What changes:
  • The interactions in Ask / Handholding will offer investment advice but not specific to your situation. It will offer information on investment products and also clarify your doubts about various financial products. It will be a forum for information, not for advice. This will be implemented with immediate effect and our guidelines in Ask, reflect this now.
Over the next few weeks our site and our communication to you will reflect these and other additional changes.
We feel this will not affect you much in terms of what really matters in investing: knowing what to buy and when to buy. This is our edge and it will still be available to you.
Debashis Basu