News | Tax

Paying Tax Through e-filing Portal by Using ‘Payment Gateway’ Attracts Convenience Charges, 18% GST

The government has enabled the option of payment through credit card, UPI, and internet banking on the income tax e-filing portal.

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CBDT Asks the Winners of Online Games to Pay Taxes, File Updated ITR

Tax evasion in the gaming industry has come under the radar of the tax department. The Central Board of Direct Taxes (CBDT) has urged the winners of...

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CBDT Issues Conditions, Forms to Get Income Tax Exemption on Covid 19 Treatment Help/ Ex-gratia Money

Last year the government announced that the money received by an individual from an employer, well-wisher, or relative for the treatment of Covid-19...

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Confirm Your ITR in 15 Days to Get Refund: Income Tax Department Mails Many Taxpayers

If you have filed income tax return (ITR) for the last financial year i.e.

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GST on Rent: Government Clarifies on the New Rule on Residential Properties

The union government has clarified on the new goods and services tax rules (GST) on rent, which came into effect from 18th July.

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Income Tax Returns: Time Limit for Verifying ITR Reduced to 30 Days from 120 Days

The Income Tax department has reduced the time limit for e-verification or hard copy submission of the ITR-V (income tax return verification), post...

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Faceless Assessment: Fresh SOPs Issued to Address Taxpayers' Conflicts

The faceless authority has suggested a host of changes in the assessment process following conflicts and practical difficulties raised by taxpayers...

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CBDT Notifies TDS Disclosure Requirements for Cryptos, Virtual Digital Assets

The income tax department has come out with detailed disclosure requirements for TDS deductions for virtual digital assets, under which date of...

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No Notice for AY14 to AY16 if Untaxed Amount Less Than Rs 50 lakh: CBDT's Instructions to Field Officials

In a relief for small taxpayers, the Central Board of Direct Taxes (CBDT) has said no reassessment notices would be issued for assessment years (AY)...

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SC Upholds Tax Reassessment Notices Issued During April- June 2021

The Supreme Court on Wednesday invoked its extraordinary powers under Article 142 of the Constitution to uphold all reassessment notices issued after...

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Changes in Our Business Model
 
 
25th Sept 2020
 
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
  • 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.
 
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Debashis Basu
Founder