Blog Content Overview
The International Financial Services Centres Authority (IFSCA) has recently rolled out the 𝐁𝐨𝐨𝐤-𝐤𝐞𝐞𝐩𝐢𝐧𝐠, 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠, 𝐓𝐚𝐱𝐚𝐭𝐢𝐨𝐧, 𝐚𝐧𝐝 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐂𝐫𝐢𝐦𝐞 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 𝐒𝐞𝐫𝐯𝐢𝐜𝐞𝐬 (𝐁𝐀𝐓𝐅) 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐉𝐮𝐧𝐞 2024. We are thrilled to share a snapshot of the permissible activities and essential considerations to keep in mind before setting up a BATF unit.
Permissible Activities
Book-keeping Services
- Inclusion: Classify and record transactions, including payroll ledgers in books of account
- Exclusion: Does not include payroll management and taxation services
Accounting Services (excluding audit)
- Inclusion: Review, compilation, preparation, and analysis of financial statements
- Exclusion: Audit; Review and compilation without any assurance and attestation
Taxation Services
- Offer tax consultation, preparation, and planning
- Advise on all forms of direct and indirect taxes
- Prepare and file various tax returns
Financial Crime Compliance Services
- Render compliance services of AML/CFT measures, FATF recommendations, and related activities
Additional Requirements
- Legal Form: Company or LLP
- Service Recipient: Non-resident and does not reside in a high-risk jurisdiction identified by FATF.*
- Minimum Office Space Criteria: 60 sq. ft. per employee
*Please refer to the list of High-Risk Jurisdictions – February 2024.
We Are Problem Solvers. And Take Accountability.
Related Posts


Are You Paying the Right Tax on Your Virtual Digital Assets (VDAs)? Here’s What You Need to Know Before Filing Your ITR
With India’s growing adoption of cryptocurrencies, NFTs, and tokens, it's critical for investors and traders to understand how these Virtual...
Learn More

Understanding Valuation Rules for Share Transfers (Post Angel Tax Removal)
With the removal of Section 56(2)(viib), commonly known as Angel Tax, the landscape for startup funding and share transfers has...
Learn More

Raising Funds from Friends and Family(F&F) – Early-Stage Startups
Raising funds from friends and family is a common strategy for early-stage startups, particularly during the initial or pre-revenue phase....
Learn More