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Foreign investments in your portfolio? Follow this ITR checklist to avoid tax scrutinyResident and Ordinarily Resident (ROR) taxpayers with foreign assets or income must carefully disclose overseas investments, dividends and ...- ITR filing 2026: Foreign income and overseas assets? Avoid these 7 costly disclosure mistakesReturning Indians face new tax filing complexities. Foreign retirement accounts now necessitate the more detailed ITR-2, moving away from t...
- Have a US 401(k)? Indians must report withdrawals and maturity details in ITR schedules FSI and FAIndian taxpayers with US 401(k) accounts must now report withdrawals and maturity details in ITR schedules FSI and FA. Failure to disclose ...
- Invested in US stocks directly and made forex gains due to depreciating Rupee? Know how to compute tax on forex gains and report it in ITRIndian residents investing in US stocks face forex gains tax. These gains are taxable as capital gains when US dollars are converted back t...
- US 401(k) and other overseas pension account holders: Forms ITR-1 and ITR-4 are no longer available under the new Indian I-T Act; they must now file ITR-2 or ITR-3New Income Tax Return forms have removed ITR-1 and ITR-4, requiring US 401(k) and overseas pension account holders to now use ITR-2 or ITR-...
- ₹60 Lakh vs ₹1.20 crore: How Budget 2026’s foreign asset disclosure scheme cuts black money act risk for NRIs and residents with overseas assetsBudget 2026’s proposed Foreign Income & Assets Disclosure Scheme offers a calibrated settlement window for NRIs and residents with overseas...
- Man denied double taxation benefit for tax on salary paid in Singapore as Form 67 not filed within due date; He files case in ITAT Delhi and wins caseAn Indian taxpayer successfully challenged the tax department in the ITAT Delhi. The tribunal ruled that foreign investments made in daught...
- Got foreign asset or income related intimation from Income Tax Dept? Here's what CAs tell what you should do nowThe Income Tax Department is alerting taxpayers about foreign assets and income. Income earned from abroad requires reporting in revised In...
- Filed ITR-1 or ITR-4 but now can’t find schedule foreign assets' information in revised form, here’s what you should doMany taxpayers face issues with missing foreign asset and income details in revised Income Tax Returns. If a taxpayer has any assets outsid...
- Indian residents with undisclosed foreign assets under scanner: Tax Dept launches NUDGE 2.0 campaign
- CBDT NUDGE 2: Over 25,000 taxpayers to receive alerts on foreign assets; Check details to avoid penaltiesThe CBDT has launched the second phase of its NUDGE initiative, sending SMS and email alerts to taxpayers with potential foreign asset and ...
- Income Tax dept to send SMS/emails to 25,000 individuals for non-disclosure of foreign assetsThe Income Tax department has identified individuals who have not reported foreign assets in their income tax returns. These taxpayers will...
- If you don’t make these 8 disclosures, your ITR may be treated as defectiveFiling income tax returns (ITR) requires careful attention to detail, as certain omissions can lead to a defective ITR. Key disclosures inc...
- ITR-2 for FY2024-2025 notified by Income Tax dept: There’s good news for Rs 50 lakh to Rs 1 crore income-earners, know other changes and moreThe CBDT has notified the ITR-2 form for FY2024-25, effective from April 1, 2025, which will be applicable to the majority of taxpayers, es...
- Deadline to declare foreign assets in ITR ends January 15, 2025: These two sources provide govt your foreign a/c infoForeign assets in ITR: Indian residents must report their foreign assets and income in their income tax returns (ITRs) in accordance with t...
- Report foreign income, assets in ITR by December 31, 2024 or Rs 10 lakh penalty can apply: Income Tax DeptReport Foreign Income in ITR: "Failure to disclose foreign income or asset in ITR can mean assessment proceedings being initiated under Bla...
- Have undisclosed foreign income or assets? Act before December 31 as govt gets more data from these new countriesIncome tax: The Income Tax Department has data from Germany and other countries about its residents having foreign properties and assets an...
- Choose correct ITR to report foreign assets; 2 lakh such returns filed: CBDT officialThe Income Tax Department reminds Indian residents to declare foreign assets and income in their tax returns. Two lakh returns with this in...
- CBDT launches compliance-cum-awareness campaign for AY 2024-25 to assist taxpayers in reporting foreign assets and incomeIndia's Central Board of Direct Taxes (CBDT) has launched a campaign to help taxpayers accurately report foreign income and assets in their...
- Rich Indians are now buying overseas properties in their children's namesWealthy Indians are using the RBI's Liberalised Remittance Scheme to buy overseas properties in their children's names. The scheme allows r...
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