ITR filing: Taxpayers with foreign income or assets must disclose them by December 31, 2024, to avoid penalties under the Income Tax and Black Money Acts. The Income Tax Department has outlined the necessary steps for taxpayers to meet this obligation. Previously, the Income Tax Department underscored the significance of reporting assets held overseas or income … Read more
Declaration of foreign assets: If foreign assets were not declared in the original Income Tax Return (ITR) filed for AY 2024-25, a revised return must be filed by December 31, 2024. Failure to do so could result in a penalty of up to Rs 10 lakh, according to a recent advisory from the Income-Tax Department. … Read more
Income Tax return: Tax season is upon us, and many people wonder if they must file returns if their income is below the taxable limit. Filing an Income Tax return (ITR) is a compulsory requirement if your total income surpasses the basic exemption threshold. In cases where the income falls below this limit, specific types … Read more
Income Tax Returns FY24: The Income Tax department has asked non-resident Indians (NRIs) to give sworn statements on the exact number of days spent in India, a report said on Tuesday. This comes after the department recently sent numerous advisories to NRIs asking them to verify high-value transactions made in 2022-23 and to address any … Read more
In what is yet another move to acquire foreign assets on account of default of loans China allegedly has taken over the Ugandan Entebbe International Airport and other assets in the Eastern African country. Ugandan President Yoweri Museveni had sent a delegation to Beijing for a renegotiation with the Chinese government. Earlier the Museveni-led government … Read more
The Income Tax (I-T) department has broadened the line of questioning as it begins its probe into information leaked by the ‘Pandora Papers‘. Beyond disclosing their ownership in existing foreign assets, people named in the Pandora expose are being told to spell out details of bank accounts which no longer exist and were closed long … Read more