Fwd: Major Changes in Direct Tax Code 2025 Now Company Secretaries (CS) and Cost and Management Accountants (CMA) be allowed to conduct tax audits.

[R V Seckar]

·       Removal of Assessment and Previous Year Concepts: ·       The code…

͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏  ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏  ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏  ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏  ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏  ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏  ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏  ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏  ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏  ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏  ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏  ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏  ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏  ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏  ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏  ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ 

UPDATES ON CORPORATE LAWS Key Changes in the Amendment 1. Substitution of Form MGT-6 -Declaration of Beneficial Interest Major Changes in Direct Tax Code 2025 Now Company Secretaries (CS) and Cost and Management Accountants (CMA) be allowed to… R.V. SECKAR Read this article on LinkedIn to join the conversation Read on LinkedIn ·       Removal of Assessment and Previous Year Concepts: ·       The code removes the terms “Assessment Year” and “Previous Year”. ·       Only the term- “Financial Year” will be applicable for tax filing. ·       Capital Gains Tax Changes: Capital gains will be taxed as regular income. ·       Short-term gains on financial assets will be taxed at 20% (up from 15%), while long-term gains will be taxed at 12.5% (down from 20%). ·       Simplified Residential Status: Taxpayers will be classified as either residents or non-residents, eliminating the RNOR (Resident but Not Ordinarily Resident) category. ·       New Income Category Names: “Income from Salary” is now called “Employment Income,” and “Income from Other Sources” is renamed “Income from Residuary Sources.” ·       Expanded Tax Audit Roles: Company Secretaries (CS) and Cost and Management Accountants (CMA) may now be allowed to conduct tax audits, which was previously limited to Chartered Accountants (CAs), making tax audits more accessible. Unified Company Tax Rates: ·       Both domestic and foreign companies will now pay the same tax rate, making compliance easier and encouraging foreign investment. ·       TDS and TCS on Most Inco... Keep reading on LinkedIn

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CS R.V.Seckar

FCS 4075

JIO- 79047 19295

Pl do visit my blogs :

http://www.rvseckarcompanylaw.blogspot.com/

http://rvseckarfema.blogspot.com/

[RAMACHANDRAN P]

  Dear Sir/madam

Hope you are doing fine. Are there any penalties for a private limited company if it is not converting its physical shares into demat form,as the company is a closed held private limited company and it does not want to issue further shares, go public, transfer of shares etc.

Thanks in advance.

Regards

Ramachandran

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[Prakash Joshi]

We (CS) can only dream if it comes through. Our dominant areas gone away kne after other if this comes then it will be a great achievement💪

[Santhosh Shetty]

How far this message is true ? Any base for this message ?

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Thanks & Best Regards

Santhosh Shetty

[CS SAIBAL CHANDRA DUTTA]

Dated : 21st November, 24 Thursday.

Respected All Professional Colleagues Sir/ Ma'am,

I will be highly grateful if anyone can kindly share the Direct Tax Code DTC 2025 DRAFT.

Will watch what actions and initiatives ICSI does for their members !

Found the below links which states CMA and CS Company Secretary will be allowed to conduct Tax Audit ( as they will be added in the definition of Accountant ) :

https://www.businessgo.hsbc.com/en/article/the-direct-tax-code-2025-indias-new-tax-system

https://www.bgonline.in/Default/Blog?CCode=668

https://www.linkedin.com/pulse/major-updates-new-direct-tax-code-2025-simplifies-i977c/

https://www.dailyexcelsior.com/key-highlights-of-proposed-direct-tax-code-2025/

https://eztax.in/dtc-direct-tax-code-2025

https://studyathome.org/direct-tax-code-2025-a-comprehensive-guide-to-the-new-tax-system/?srsltid=AfmBOoqjwtvmQ4JW8cLttTrcigLo4FF-7fRHmJuVfNy-O13S7ElpYNLL

https://paytm.com/blog/tax/direct-tax-code-2025-simplifying-taxes-for-all/

https://www.slideshare.net/slideshow/understanding-the-direct-tax-code-ppt-2025/272070960

https://taxupdates.cagurujiclasses.com/income-tax-act-no-more-direct-tax-code-2025-announced/

https://cleartax.in/s/direct-tax-code

https://www.caclubindia.com/guide/direct-tax-code/

https://www.caclubindia.com/experts/-tax-audits-dtc-2935839.asp

https://tcn-global.com/blog/2024/09/06/integrating-cs-and-cma-professionals-in-the-new-dtc-for-tax-audits/

https://paytm.com/blog/tax/direct-tax-code-2025-simplifying-taxes-for-all/#:~:text=Direct%20Tax%20Code.-,Introduced%20by%20Finance%20Minister%2C%20Nirmala%20Sitharaman%20on%2021%20August%202024,Income%20Tax%20Act%20of%201961.

https://www.plannprogress.com/the-direct-tax-code-2025?fbclid=IwY2xjawGsNl5leHRuA2FlbQIxMQABHarEBQBxWkrj1HlFZJFhi_VF6U39MofD8ESG3SEdvNWtnb9sWs3A91NfIQ_aem_aJE48mBZNek2sXeJKDc7QQ

https://taxconcept.net/income-tax/big-changes-in-new-direct-tax-code-2025/

Please feel free to phone or email regarding any query.

Warm Regards,

Yours' Sincerely,

For Saibal Chandra Dutta & Associates, 

CS Saibal Chandra Dutta.

Company Secretary ( ICSI ), Accounting Technician ( ICAI ), B. Com ( H ), GST Practitioner.

Membership No. : A55821 

Certificate of Practice No. : 22711 

Unique Code Number : I2019WB2013800

Company Secretaries.

Unique Code Number ( for Trade Name registered with ICSI ) : S2019WB713000

GST Number : 19CFVPD5729M1ZL

GST Practitioner Enrolment Number : 191900005088GPA 

Professional Tax Enrolment Number : 192141437612

MSME UDYAM Registration No : UDYAM-WB-10-0018001

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