News | Tax

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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ITR filing mandatory if your TDS, TCS is Rs 25,000 or more in a financial year

Seeking to expand the taxpayer base, the government has widened the scope for filing returns even if a person’s income is below the taxable...

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ITR Forms for FY 2021-22 Notified, No Major Changes in Income Tax Return Forms

The Central Board of Direct Taxes (CBDT) has notified the income tax return (ITR) forms for FY 2021-22. The forms have been notified via a...

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Sell Your Crypto Assets by 31 March to Escape New Tax Rules

For those who are holding cryptos, the current rally is a good opportunity to book profits (or even losses).

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Eligible individuals can submit Form 15G, Form 15H to avoid TDS on dividend income

From 1 April 2020, dividend received on shares of a domestic company and/or from mutual fund schemes is taxable in the hands of an individual at the...

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Taxpayers Can Update ITRs Only Once In An Assessment Year: CBDT Official

A taxpayer would be permitted to file only one updated return for an assessment year, a government official revealed. Speaking at a CII event,

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Budget 2022: Income Tax Exemption For Covid-19 Compensation

Compensation received by individuals from their employers for treatment of illness related to Covid-19 pandemic will be exempt from tax. The relief...

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Income Tax Return for FY 2022-23: New Column in ITR Form For Crypto Gains From Next Year

Income tax return forms from next year will have a separate column for making disclosures on gains made from cryptocurrencies and paying taxes,...

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No plan to extend ITR filing deadline, income tax portal working smoothly: Revenue Secretary

During a press conference held on 31 December 2021, Revenue Secretary Tarun Bajaj said that there is no reason to extend the income tax return (ITR)...

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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
  • 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