Showing posts from July, 2023

No license required for playing music at religious ceremony

Is license required to play music at Weddings or Religious Ceremony? PUBLIC NOTICE : No. P-24029/56/2023-IPR-VII dated 24th July 2023 Department of Promotion of Industry and Internal Trade (DPIIT) has received several complaints, representations, grievances from the general public as well as other stakeholders about alleged collection of royalties by the Copyright Societies for performance of musical work, communication to the public of sound recording etc. in marriage functions in contravention to letter and spirit of Section 52 (1) (za) of Copyright Act 1957. It is well known that Section 52 of Copyright Act 1957 enumerates certain acts which shall not constitute an infringement of Copyright. Section 52 (1) (za) specifically mentions the performance of a literary, dramatic, or musical work or the communication to the public of such work or of a sound recording in the course of any bonafide religious ceremony or an official ceremony held by the Central Government or the State Gover

Reporting of Foreign Assets Schedule in Income tax return

Are you a resident tax filer as per Indian Income tax laws? Do you hold any foreign assets? If yes then this write is for you! For residents in India with foreign bank accounts, assets, or income, filing the Income Tax Return (ITR) can be more complex than for others. The Foreign Asset Schedule is an essential part of the ITR , and non-disclosure can lead to severe penalties under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. This blog sheds light on the importance of complying with foreign asset disclosure and the consequences of non-compliance. Who Needs to File the Foreign Asset Schedule? As per Indian tax regulations, residents in India who possess foreign bank accounts, assets, or receive income from abroad as beneficial owner, beneficiary or legal owner must file the Foreign Asset Schedule along with their ITR. However, this requirement does not apply to individuals categorized as 'not ordinarily resident' or 'non-resident.

Essential Data Safety Tips for Chartered Accountants

Essential data safety tips for Chartered Accountants Protecting sensitive financial information is crucial for chartered accountants. With clients entrusting their financial records and personal details, establishing robust data security measures is imperative. In this blog, we will explore comprehensive data security practices, encompassing physical security, network security, access controls, employee awareness, and regulatory compliance. By implementing these measures, chartered accountants can safeguard client data, maintain trust, and protect their reputation in the industry. Strong Password Management: Use strong, unique passwords for all your as well as clients Digital Signature Certificates,  accounts such as mail, Income tax-GST portal etc. and encourage your staff to do the same. Implement two-factor authentication (2FA) wherever possible to add an extra layer of security. Secure Physical Access: Limit access to your office or workspace using locks, surveillance cameras, and

Format of engagement letter for ITR filing

Format of Engagement letter for filing income tax return In my previous article , I emphasized the significance of obtaining an engagement letter for any professional work. It serves as a crucial document that outlines the terms and conditions of the engagement between the service provider and the client.  With tax season upon us, securing a signed engagement letter from your clients is crucial. This document establishes a clear understanding of the services you'll provide for their tax return preparation. In this post, I have included a draft format of an engagement letter for ITR filing. You can refer to this template to ensure that all the necessary elements are included in your engagement letter. Remember to review and modify it according to your specific requirements. Draft format of engagement letter for filing income tax return: To, Mr. Mayur , Thank you for choosing our firm, [Consultant's Name], to assist you with your income tax returns. This letter confirms the terms