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FOREIGN ACCOUNT PENALTY
FBAR 2026: Have more than $10,000 in foreign accounts? This overlooked U.S. filing rule could cost you thousands if you miss Form 114A foreign bank account can create a major U.S. tax filing duty. The FBAR, or FinCEN Form 114, applies when qualifying foreign accounts exce...- Karol Bagh man had foreign bank accounts, FD in Singapore, no ITR disclosure; income tax dept sent black money notice, but ITAT Delhi cancelled the notice for this reasonBlack money notice sent to man with Singapore FD and current bank a/c in his name and no ITR declaration; Know how he won case in ITAT Delh...
- Missed reporting of overseas bank accounts, ESOPs, and foreign assets in Schedule FA of ITR? FAST-DS offers a chance to come cleanThere is an important caveat: the Black Money Act provides relief from Schedule FA penalty for certain foreign assets, other than immovable...
- India needs a transparent rulebook for the business of influenceIndia lacks a transparent framework for public scrutiny of lobbying efforts. The recent debate over UPI merchant discount rates highlights ...
- PM Modi says ‘production-linked punishment’ era once held back Indian industry; pegs India as world’s fastest-growing economyPrime Minister Narendra Modi on Friday said India had moved from the Licence Raj-era “Production Linked Punishment” model to incentivising ...
- Donald Trump expands Cuba crackdown as island’s economy plunges deeper into crisisThe Trump administration is increasing economic penalties on Cuban industries. New sanctions target mining, metal, and construction compani...
- Andhra Pradesh Assembly passes organ donation Bill; Rs 1 lakh aid proposed for donor familiesAndhra Pradesh passed the Human Organ Transplantation Amendment Bill-2026, proposing stricter penalties for illegal organ trade. The bill e...
- Foreign Asset Disclosure Scheme 2026: From budget proposal to rollout - what residents and NRIs need to knowThe Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 has moved from Budget proposal to implementation. This article explains its t...
- Singapore tightens anti-scam rules on social media, messaging platformsSingapore, the region's second-largest economy, lost over $2.8 billion to scams from 2020 through the first half of 2025, Home Affairs Mini...
- Moving back to India? What NRIs need to know about US tax obligationsFrom RSUs to retirement accounts, what returning Indians must settle before—and after—they land. The first thing to understand is that immi...
- India fourth-biggest debtor among London embassies; owes £10.79 million in congestion duesIndia’s diplomatic mission in London has £10.79 million in unpaid Congestion Charge dues, the fourth-highest among foreign missions after t...
- Foreign Assets Disclosure Scheme 2026: ₹1 crore limit, 30% tax and December 31 deadline — all you need to knowA new government scheme will open on August 16, 2026, for taxpayers to disclose foreign assets. This one-time voluntary disclosure scheme c...
- Govt opens tax disclosure window for foreign assets, incomeThe government has opened a limited window for taxpayers to disclose specified foreign assets and income. Two routes offer eligibility thre...
- Suspected arrested in World War II Memorial vandalism in Washington, Jeanine Pirro saysA suspect has been apprehended for defacing the World War II Memorial, with Melissa L Farris facing serious felony charges for her disgrace...
- India must make AI labels durable and verifiableIn a landmark move, California and India have implemented legislation aimed at enhancing transparency in AI-generated content. These laws r...
- Presumptive taxation for professionals: The 50% rule remains-but what changes for deductions and losses under the new tax Act?The 50% presumptive taxation rule for professionals largely continues under the new Income-tax Act. However, Section 58(4) introduces a wid...
- Man did not disclose UAE bank account and foreign shares in ITR, I-T dept imposed Rs 1.86 lakh penalty; He escalates the case but ITAT Delhi offers no reliefDubai connection: Man claimed friend sent money to Dubai Emirates NBD bank a/c to start business but didn't disclose foreign assets in Sche...
- How should my NRI children disclose gifts received from relatives in ITR-2?ET Wealth Reader's Query: My two NRI children are unable to find a field in ITR-2 to disclose gifts received from relatives. The Income Tax...
- FCNR (B) FD premature withdrawal rules: Check penalty and interest rate rules of HDFC Bank, SBI, ICICI Bank, Axis Bank, Kotak Mahindra BankFCNR(B) deposits serve as a reliable investment option for NRIs wishing to secure foreign earnings in India. Penalties can differ across in...
- Government preparing FCRA groundwork: Amit Shah assures Foreign Contribution Bill will not apply retrospectivelyUnion Home Minister Amit Shah assured leaders the Foreign Contribution Bill will not be retrospective. Discussions were held with Mizoram C...
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