CA Pravin Kakade’s Post

Good morning my readers. Pls spread maximum awareness for those Income Tax return fillers who missed to show their foreign assets in ITR….. Income Tax: Those who have such assets or income but have filed ITR-1 or ITR-4 will have to file revised or belated returns by December 31 to avoid penalties and prosecution as prescribed under the anti-black money law. Income Tax Department has urged Indian citizens to file the correct ITR form to disclose their foreign assets. If they have submitted the wrong form, revise their returns. The last date for filing revised ITR is December 31, 2024. The department has warned taxpayers that if they do not disclose the income earned from their foreign assets in the ITR, they will be fined up to Rs 10 lakh. According to the department, all Indian residents are required to declare their foreign assets. This can include real estate, bank accounts, shares, debentures, insurance policies or any other financial assets. Regards From the desk of CA Uchit Shukla #nri #itr #incometax #gst #msme #tax #taxation #india #ca #charteredaccountant #icai #taxconsultant

Critical Tax Update: Foreign Assets Reporting in Income Tax Return (ITR) 📊 In this video, Gaurav Bhuddi covers an essential tax compliance topic – Foreign Assets Reporting in ITR for Indian taxpayers. With increasing global investments, it’s crucial for ROR individuals to report their foreign assets accurately, including bank accounts, properties, and shares held overseas. Stay informed to avoid penalties and comply with Schedule FA requirements. 📅 Make sure you're fully compliant before filing your ITR! 💡 Don’t miss this important update on foreign asset reporting and tax compliance! #DewanPNChopra #foreignassets #incometaxreturn #taxcompliance #ITRfiling #ScheduleFA #foreigninvestments #taxpenalties #CRSframework #DTAA #taxfilingguide #Indianincometax #businessoperations #globalreporting #knowledgesharing Parveen Kumar

Schedule FA in ITR - Disclosure of Foreign Assets in ITR As per the Income Tax Act of 1961, ■ Every resident "Individuals, and HUFs" who are classified as "Residents and Ordinarily Resident Indians" should report their, • Foreign income, Assets, Accounts, and Shares in the schedule - FA of ITR, • Regardless of whether the income is taxable in India or not and falls within the basic exemption limit. • This schedule helps curb tax evasion through offshore routes. ■ Is schedule FA Mandatory? Yes, every Indian resident & ordinary resident who holds any foreign asset or foreign account during the accounting year has to furnish the details of the asset while filing an ITR. ■ What happens if i fail to report foreign assets? If you fail to report your foreign assets, it might attract severe penalties. It might attract a penalty of INR 10 lakh or imprisonment of up to 7 years. ■ In other words, all the foreign assets held by you either legally, as a beneficiary, or as a beneficial owner should be disclosed while filing the ITR-2 or ITR-3, as appropriate. #ITR #FA #Reporting For more such insights connect Shefali Thakkar

My views on the changes expected in the Safe Harbour Clause were recently published in the Financial Express. #AQUILAW #TAXQUOTES #FINANCIALEXPRESS #TAXPRACTISE

🌟Foreign Assets and Income Reporting by NRI's🌟 🔍 Disclosure Requirements: Under the Income-tax Act, 1961, Indian residents must disclose foreign assets and income in their Income Tax Returns (ITR). ⚠️ Consequences of Non-Disclosure: - Heavy penalties up to ₹20 lakhs and possible prosecution under the Black Money Act, 2015. - Applies even to dormant foreign assets. 🎯 Taxpayer Focus for AY 2024-25: The Income Tax Department's campaign emphasizes preventing non-disclosure, particularly for individuals with: - ESOP shares from foreign companies. - Investments in foreign securities. - Other overseas assets. 🛡️ Actionable Steps: - Ensure foreign asset/income disclosures in ITR. - File a revised ITR by 31st Dec 2024, if necessary. - Take this chance to stay compliant at no additional cost. Let’s stay informed, act responsibly, and encourage compliance for a better future. 💼💡 #TaxCompliance #ICAI

💼💰 𝐏𝐞𝐧𝐚𝐥𝐭𝐲 𝐀𝐥𝐞𝐫𝐭: 𝐍𝐨𝐧-𝐃𝐢𝐬𝐜𝐥𝐨𝐬𝐮𝐫𝐞 𝐨𝐟 𝐅𝐨𝐫𝐞𝐢𝐠𝐧 𝐀𝐬𝐬𝐞𝐭𝐬 & 𝐈𝐧𝐜𝐨𝐦𝐞 💸 The Income Tax Department has announced new penalties for non-disclosure of foreign assets or foreign source income (FSI). Here’s a quick breakdown: 📌 𝐊𝐞𝐲 𝐏𝐨𝐢𝐧𝐭𝐬 𝐭𝐨 𝐊𝐧𝐨𝐰: 𝐌𝐚𝐧𝐝𝐚𝐭𝐨𝐫𝐲 𝐃𝐢𝐬𝐜𝐥𝐨𝐬𝐮𝐫𝐞: Taxpayers with foreign assets (FA) or foreign source income must disclose them in the ITR. This applies even if your total income is below the taxable threshold. 𝐏𝐞𝐧𝐚𝐥𝐭𝐲: 𝐔𝐩 𝐭𝐨 ₹𝟏𝟎 𝐥𝐚𝐤𝐡 penalty for failing to disclose FA or FSI. This penalty applies regardless of whether the foreign asset was bought with disclosed sources or the income is non-taxable in India. 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐛𝐥𝐞 𝐓𝐢𝐦𝐞𝐥𝐢𝐧𝐞: The rule is effective from ITR filings for the Assessment Year 2024-25 and onwards. 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 & 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞:  Part of a broader initiative to enhance transparency in cross-border transactions and strengthen compliance. For a smooth filing process, 𝐫𝐞𝐚𝐜𝐡 𝐨𝐮𝐭 𝐭𝐨 𝐂𝐀 𝐑𝐚𝐡𝐮𝐥 𝐆𝐮𝐩𝐭𝐚 for expert ITR assistance! #IncomeTax #ForeignAssets #TaxCompliance #TaxPenalty #ITR #TaxFiling #CArahulgupta #FinancialCompliance #Transparency

Under the safe harbour clause, a fund and its manager can be exempt from taxation in India if they do not have a business connection in the country. Our Executive Director, Head of Tax, Mr. Rajarshi Dasgupta shared his views, suggesting a re-evaluation of the safe harbour provisions.  Financial Express (India) Follow the link to read more: https://lnkd.in/gpcsCzUc #SafeHarbourClause #TaxExemptionIndia #InternationalTaxation #BusinessConnection

Income tax department warns: ‘Declare foreign assets by Dec 31 or pay ₹10 lakh penalty’ The Income-Tax (I-T) department has today (November 17) launched a new campaign warning taxpayers of ₹10 lakh penalty if they fail to disclose foreign held assets or income earned from abroad in their ITR, according to a PTI report. What Constitutes Foreign Asset? According to the I-T department advisory, for Indian residents a foreign asset would include bank accounts, cash value insurance contract or annuity contract, financial interest in any entity or business, immovable property, custodial account, equity and debt interest, trusts in which a person is a trustee, beneficiary of settlor, accounts with singing authority, any capital asset etc., held abroad. The communication will be sent to such persons who have been “identified” through information received under bilateral and multi-lateral agreements “suggesting” that these individuals may hold foreign accounts or assets, or have received income from foreign jurisdictions, the report said. BELATED RTURN LAST DATE : DECEMBER 31, 2024 #IncomeTax #taxation

Stay Informed with I.P. Pasricha & Co's May 2024 Newsletter! Explore the latest edition of our newsletter, packed with invaluable insights to keep you ahead in the dynamic world of taxation. Delve into the latest developments and stay updated on crucial matters affecting your business. Dive into the intricacies of :- •  Income Tax •  Transfer Pricing •  Goods & Services Tax •  Regulatory Updates:          •  Reserve Bank of India (RBI)          •   Foreign Exchange Management Act (FEMA) •  Account & Audit •  Compliance Calendar (MAY 2024) Additionally, don't miss out on: •  Top Blogs of the Month •  Article Insights by Our Partner •  Events in Spotlights Our newsletter covers everything from significant rulings to circulars, ensuring you're always informed and prepared. Be sure to check out our Compliance Calendar for May 2024 to stay ahead of crucial deadlines. Explore the complete newsletter for comprehensive insights and expert analysis below. Subscribe to our monthly Tax & Regulatory Newsletter: https://lnkd.in/dwTFqHCD Follow us on LinkedIn for more updates: https://lnkd.in/dbrfgW34 Explore our website: www.ippcgroup.com Contact us: sailfreely@capasricha.com #IncomeTax #TransferPricing #GST #RegulatoryUpdates #RBI #FEMA #AccountAudit #ComplianceCalendar #IPPasrichaAndCo #TaxUpdates #RegulatoryInsights #LegalUpdates #ComplianceCalendar #TaxationInsights #ippcgroup #TaxLaw #FinanceUpdates #CorporateLaw #CorporateUpdates #TaxProfessionals #IncomeTaxIndia #CorporateAdvisory #GovernmentRegulations #Newsletter2024 #CaseLaw #InternationalTax #CircularsAndNotifications #GSTUpdate #cafirm #Charteredaccountant

📢 GST Update: Notification No. 09/2024 - Central Tax (Rate) 📢 The Central Government has issued Notification No. 09/2024, dated 8th October 2024, bringing in a key amendment to the GST framework under the CGST Act, 2017. 🔹 New Addition: Serial No. 5AB • Service: Renting of property (other than residential dwelling) • Supplier: Any unregistered person • Recipient: Any registered person This amendment will come into effect from 10th October 2024. Stay updated on all things GST to ensure compliance and take necessary actions for your business! #GST #taxupdate #CGST #GSTcompliance #taxalert #notification #finance #taxprofessionals #India