Significant Highlights India Budget – 2025
Penalty for Non-Disclosure of Foreign Assets/Income in Income Tax Return
Penalty for Non-Disclosure of Foreign Assets in Income Tax Return (ITR) 2024 The disclosure of foreign assets in Income Tax Returns (ITR) is a critical requirement under the Indian tax laws. This measure ensures transparency, deters tax evasion, and aligns with global initiatives like the Automatic Exchange of Information (AEOI). Non-disclosure of such assets can […]
EXTENSION OF TIME LIMITS OF CERTAIN COMPLIANCES UNDER INCOME TAX ACT- REF CIRCULAR NO.9/2021 DATED 20TH MAY 2021.
The Central Board of Direct Taxes, in the exercise of its power under section 119 of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) provides relaxation in respect of the following compliances: The Statement of Financial Transactions (SFT) for the Financial Year 202021, required to be furnished on or before 31st May 2021 […]