AKM Global

AKM Global Featured on ITR (International Tax Review) Website We are delighted to share that the article "Sharing Insights on Navigating Transfer Pricing Challenges in the UAE" authored by our Managing Partner, Amit Maheshwari, along with CA Manish Garg (Transfer Pricing Lead) has been featured on the prestigious ITR's website. http://spr.ly/6046Q9FPE

AKM Global in Media: We’re pleased to share the latest media coverage featuring our Partners, Amit Maheshwari and Sandeep Sehgal, who have shared their expert views on below key tax matters and legal rulings: 1. Business Standard: Delhi High Court grants relief to Samsung India 2. Business Standard: Corporation and personal income tax collections decline in October 3. Business Standard: SC to rule on revenue dept's plea over LIC policy surrender value exemption 4. ETCFO: GST Compensation Cess: Experts call for Gradual phase-out, seek reforms 5. CNBC-TV18: Andhra High Court classifies badam flavoured milk as 'milk', lowers to 5% Please click below to view the media coverage. Interested in sharing your thoughts? https://lnkd.in/gH5KeZZs Feel free to share your opinions and join the discussion in the comments below.  #TaxNews #LegalUpdates #SamsungIndia #GST #TaxReforms #DelhiHC #SupremeCourt #LegalRulings #AKMGlobal

🔔 Compliance-Cum-Awareness Drive for Disclosure of Foreign Assets 🔔 The Income Tax Department is actively sending SMS and email notifications to individuals flagged for potential non-disclosure of foreign assets or foreign-sourced income in their Income Tax Returns (ITR) for AY 2024-25. Purpose: The goal is to encourage Indian residents to correct any missed reporting in Schedule Foreign Assets (Schedule FA) and Schedule Foreign Sources of Income (Schedule FSI) before the deadline of 31st December 2024. Disclosures Required in Schedule FA: 1. Income from any source outside India 2. Assets held outside India, including shares, debentures, immovable property, or other capital assets 3. Financial or beneficial interest in any overseas entity 4. Signing authority in any bank or trading account located outside India Note: Disclosure is mandatory, regardless of whether ownership is legal or beneficial. Consequences of Non-Disclosure: 1. Proceedings under the Prevention of Money Laundering Act, 2002 (PMLA), risking asset seizure and prosecution for financial crimes. 2. Penalty of INR 10 lakhs under the Black Money Act, 2015. 3. In serious cases, rigorous imprisonment of 6 months to 7 years, along with additional fines. 4. Revocation of Double Taxation Avoidance Agreement benefits. Ensure compliance and avoid penalties! Update your ITR and disclose any foreign assets or income before the deadline. Have questions or need more information? Drop them in the comments below, and we'll be happy to assist! Contributor: CA Chetna Choudhary, Manager, Advisory & Tax #TaxCompliance #ForeignAssets #IncomeTaxReturns #ITR #FinancialAwareness #Taxation #PMLA #ForeignIncome #IndiaTax #AKMGlobal

Advance Tax Reminder: December 15th Deadline Approaching! 📅 Here’s your friendly reminder to mark December 15th on your calendar—it’s the due date for your Advance Tax payment. Stay ahead of the timeline and avoid unnecessary penalties! 💡 Why is Advance Tax Crucial? 1, Avoids interest @ 1% per month under Sections 234B and 234C of the Income Tax Act. 2. Ensures compliance with tax laws for smooth financial planning. 3. Contributes to government funding for public services and infrastructure development. Additionally, senior citizens with no business income are not liable to pay advance tax. Who Needs to Pay?  If your total tax liability for the financial year exceeds ₹10,000 (after adjusting for TDS), you are required to pay advance tax. It’s always advisable to have a better estimate of your total income when calculating advance taxes, as any shortfall could trigger interest liabilities when filing your tax return, due on or before 31st July 2025. ✅ Pro Tip: Don’t forget to factor in TDS and any prior advance tax payments when calculating your liability. If you need assistance with advance tax payments or have questions, feel free to reach out to us in comments below. Let’s make this tax season hassle-free! Contributor: CA. Vikas Sharma, Tax and Advisory Department #AdvanceTax #TaxCompliance #FinancialPlanning #TaxReminder #AKMGlobal

Deepest gratitude to our Japanese clients. We are 30% sold out withing 2 months of starting of operations! We should be sold out in this Financial Year itself.

💡 Tax Tip: Master Advance Tax and Stay Ahead! Did you know that paying taxes in advance can help you manage your finances better and avoid last-minute stress? Advance tax, or "pay as you earn" tax, allows individuals and businesses to pay their tax liabilities in installments throughout the year, instead of facing a large bill at year-end. ✅ Benefits: 1. Avoid penalties and interest 2. Improve cash flow management 3. Enhance financial credibility 4. Potential to earn interest on overpaid taxes ❌ Consequences of missing advance tax deadlines: 1. Interest liabilities 2. Financial instability 3. Increased scrutiny from the Income Tax Department Know more about advance tax and how it can benefit you! Let us know your thoughts in the comments. #AKMGlobal #Tax #AdvanceTax #cashflow #taxliablity

Non-Disclosure of #ESOPs: A Rising #Compliance Concern Under the #BlackMoney Act Did you know that Employee Stock Ownership Plans (#ESOPs) issued by #foreign parent #companies to Indian employees must be disclosed as #foreign #assets under "Schedule FA" in Income Tax Returns? Failure to comply can result in severe #penalties and #legal repercussions under the #BlackMoney (Undisclosed Foreign Income and Assets) Act. As ESOPs qualify as financial interests in foreign entities, maintaining strict compliance is critical to avoid scrutiny from the Income Tax Department. 🚨 With #international #tax exchange agreements in place, authorities have identified numerous instances of non-disclosure, underscoring the importance of accurate reporting and adequate #compliances. It is needless to mention that #tax authorities are more stringent to identify such cases and that can also be invoked subsequent opening/reopening of #tax assessments. What should you do if you missed reporting your #ESOPs? If you are a #resident #taxpayer and haven’t disclosed your ESOP-related information in Schedule FA for FY 2023-24, you can still disclose the same while filing a revised return on or before December 31, 2024. ✅ Stay compliant. Stay informed. Avoid unnecessary penalties. Contributor: CA. Vikas Sharma #AKMGlobal #TaxCompliance #ESOPs #IncomeTax #BlackMoneyAct #IndiaTaxation

PAN 2.0: Transforming India’s Tax Ecosystem The Union Cabinet’s latest initiative, PAN 2.0, is set to transform the tax ecosystem in India, making compliance seamless, secure, and paperless. With a budget of ₹1,435 crore, here’s how this upgrade is reshaping the future: 💡 What’s New in PAN 2.0? 🔹 Unified Digital Portal: A single platform integrating PAN, TAN, and TIN services for easy access. 🔹 QR Code on PAN Cards: Instant access to details with enhanced security features. 🔹 Mandatory Data Vault System: Advanced cybersecurity protocols to safeguard sensitive taxpayer data. 🔹 PAN as a Common Business Identifier (CBI): Simplifies business registrations and tax compliance. Why It Matters: Streamlined processes, reduced redundancy, and smoother government interactions await taxpayers and businesses alike. This initiative aligns with the Digital India mission, setting new benchmarks for efficiency and security. What’s Next? Guidelines for upgrading to PAN 2.0 are yet to be announced. Stay tuned as AKM Global brings you the latest updates to navigate these changes effortlessly! 📢 Your Take: What excites you the most about PAN 2.0? Let us know your thoughts! Contributor: CA Aditya Rajpal, Manager, Tax and Regulatory Compliance. #PAN2.0 #TaxInnovation #DigitalIndia #AKMGlobal

A warm welcome to Mr. Rajesh Kumar Jain, our newest partner at AKM Global! 🎉 A qualified Chartered Accountant with over two decades of rich experience, Mr. Jain has served in various revenue departments of the Government of India as an esteemed IRS officer. His impressive career includes 12 years with premier investigative agencies under the Department of Revenue ('DOR') and the Central Board of Indirect Taxes and Customs ('CBIC') - handling high-stakes fraud litigation, complex investigations involving transnational transaction & trade, and financial fraud. At AKM, Mr. Jain will spearhead our advisory services in #whitecollarcrimes defense department, oversee litigation efforts nationwide, and contribute to mergers and acquisitions. We’re excited about the invaluable expertise he will bring to our team and the exceptional value it will create for our clients. Please join us in extending a warm welcome to Mr. Rajesh Kumar Jain as he embarks on this journey with us.  AKM Global Ashok Maheshwary Amit Maheshwari Sumit Maheshwari Sandeep Sehgal

AKM Global at the 2024 AICPA National #Tax Conference in Washington, D.C.! Held in November 2024 in Washington DC, this premier event brought together industry leaders to explore #emerging trends and tackle the evolving #tax landscape—especially in light of key post-#election developments. Representing our firm, Sarthak Bajaj (US Tax Lead) and B Vignesh (Audit & Advisory Lead) gained valuable insights into areas like #tax reform, digital #taxation, and more. These takeaways will play a vital role in enhancing the value we provide to our clients and staying ahead in the dynamic world of #taxation. Here's to leveraging these learnings for continued growth and success! #AICPATaxConference #TaxLeadership #ContinuousLearning #AKMGlobal