The Income Tax Department's FAST-DS scheme, open until December 31, 2026, lets small taxpayers disclose foreign assets in a one-time window. For undisclosed foreign assets worth up to Rs 1 crore, the…
The Pune bench of the Income Tax Appellate Tribunal (ITAT) has ruled that a ₹65.21 lakh payment received by a former Pfizer Healthcare India employee under a voluntary retirement scheme (VRS) is…
Using UPI, NEFT, RTGS or IMPS for large payments does not automatically trigger an income tax notice, but unexplained transactions can attract scrutiny, the Income Tax Department's compliance framework focuses on mismatches…
India remains a very attractive destination for global investments, Mauritius Financial Services Minister Jyoti Jeetun told The Hindu. She said the amended Double Taxation Avoidance Agreement (DTAA) between the two countries, recently…
The Income Tax Department has launched a nationwide verification drive targeting 394 entities and 36 professionals, including chartered accountants, over suspected irregularities in foreign remittances. Of the entities under scrutiny, 117 are…
The Central Board of Direct Taxes (CBDT) has notified the rules for the Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS) 2026, a one-time voluntary window to declare certain undisclosed foreign assets…
A Surat-based real estate businessman, Mr Patel, has secured a full tax exemption on a long-term capital gain of Rs 5.06 crore from converting inherited land into stock-in-trade. The Income Tax Appellate…
The Central Board of Direct Taxes (CBDT) has notified the Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS) Rules, 2026, effective from August 16, 2026. Times Now reports the scheme is for…
The Allahabad High Court has ruled that the 18-month period under Section 245D(4A)(iii) of the Income Tax Act for disposing of a settlement application is mandatory, not directory. It quashed an order…
The Income Tax Department on Saturday notified the Foreign Assets of Small Taxpayers-Disclosure Scheme (FAST-DS), allowing eligible taxpayers to declare undisclosed foreign assets and income by paying an effective 60% tax. The…
