CA. Rahul Gupta’s Post

The Income Tax Department has issued a strict warning to taxpayers about non-disclosure of foreign assets and income in their Income Tax Returns (ITR). Failing to report foreign assets can result in a hefty penalty of ₹10 lakh under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. Taxpayers are advised to accurately declare all foreign assets, including bank accounts, immovable properties, and other investments, in the Foreign Asset (FA) and Foreign Source Income (FSI) schedules of their ITR. Even if income from these assets is below the taxable limit, reporting is mandatory. The department has intensified its scrutiny to ensure compliance and is urging taxpayers to avoid hefty penalties by timely reporting. LINKEDIN #gstupdates #gstcompliance #gstreturns #gstnews #gstindia #gst #gstmitra #capraveensharma #incometaxindia #incometaxreturn #incometax #einvoicing #einvoice #ewaybill #corporate #training #traininganddevelopment #trainings #eventmanagement #event

As you must aware that Filing an Income Tax Return (ITR) is not just about reporting taxable income—it also involves declaring exempt income as well as detailing your assets and liabilities. If you are a resident of India during a financial year and hold foreign assets, it is mandatory to disclose foreign assets in your ITR. Do not risk non-compliance. This is particularly important for Salaried class working in multinational corporations (MNCs) who receive ESOPs or RSUs. Using simplified ITR-1 or online filing portals (such as ClearTax etc) without proper disclosure of foreign assets could lead to financial disaster. The government has access to extensive international data and is prepared to issue notices under the Black Money Act after the deadline. https://lnkd.in/gPNrMPh6

🌟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

📢 Extension of Due Date for Filing Returns Under Section 92E for AY 2024-25 Section 92E of the Income Tax Act, 1961 applies to Associated Enterprises (AEs) engaged in international or specified domestic transactions. It requires these entities to obtain and furnish a Transfer Pricing Report certified by a Chartered Accountant to ensure compliance with arm's length pricing. For AY 2024-25, the due date for filing the return of income under Section 139(1), originally set as 30th November 2024, has been extended to 15th December 2024. This extension is notified through CBDT Circular No. 18/2024, dated 30.11.2024, available on the official Income Tax Department website: www.incometaxindia.gov.in. 💼 Key Takeaway: Ensure timely compliance with the revised deadline to avoid penalties and maintain transparency in transactions. #IncomeTax #Section92E #TransferPricing #TaxCompliance #CBDTUpdates #IndiaTaxation #AssociatedEnterprises

The Government of India has extended the deadline for filing the Audit Report for the Assessment Year 2024-25. This decision comes in response to the challenges taxpayers faced with electronic submissions under the Income Tax Act, particularly due to issues with the e-filing portal. Originally set for September 30, 2024, the new deadline is now October 7, 2024 For official details, refer to the notification from the Ministry of Finance. #TaxCompliance #Finance #Taxation #FinanceNews #TaxFiling #AuditReport #AY2024_25 #GovernmentUpdate #AuditExtensions #IndiaTax

ITR-1 Alert 🚨: You can't use ITR-1 if you: Are a Director in a company Held unlisted equity shares last year Have assets/financial interests outside India Have signing authority in foreign accounts Earned income from outside India Had tax deducted u/s 194N Deferred tax on ESOP Have any brought forward or carry forward losses Have total income over ₹50 lakhs Make sure to file the right form! 💼📊 #TaxSeason #ITR1

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

The Central Board of Direct Taxes (CBDT) recently launched the e-Dispute Resolution Scheme (e-DRS) to streamline the resolution of income tax disputes. This online platform allows taxpayers to submit applications to Dispute Resolution Committees (DRCs) across India. It is an alternative to the traditional legal proceedings that already exist. Eighteen DRCs have been set up to accept applications. The e-Dispute Resolution Scheme was notified in 2022 itself. Now, CBDT has enabled the process of electronic filing of the applicable online application in prescribed form 34BC, through the income tax e-filing portal. Under the scheme, the principal income tax and any interest due needs to be paid but the corresponding penalty (such as 100 per cent under Section 270A for under-reporting of income and 200 percent for misreporting of income) due can be waived off or reduced by the Dispute Resolution Committee. (Article: Money Control, 3rd September, 2024). Press release: https://lnkd.in/dRxa9j7u #incometaxindia #edrs #edisputeresolutionscheme2022 #centralboradofdirecttaxes

🔍 𝐔𝐧𝐝𝐢𝐬𝐜𝐥𝐨𝐬𝐞𝐝 𝐅𝐨𝐫𝐞𝐢𝐠𝐧 𝐑𝐞𝐚𝐥 𝐄𝐬𝐭𝐚𝐭𝐞 𝐔𝐧𝐝𝐞𝐫 𝐓𝐚𝐱 𝐒𝐜𝐚𝐧𝐧𝐞𝐫 ❗ ❕ ♦ Tax notices issued in many cases over non-disclosure of high value foreign assets. ♦ Non- disclosure of foreign properties mainly held in Dubai, Singapore, U.K. ♦ Notices served under section 131 of the Income Tax Act. 𝐒𝐨𝐮𝐫𝐜𝐞: https://lnkd.in/gZhPSfnB #ForeignAssetDisclosure #UndisclosedForeignAsset #IncomeTaxAct #IncomeTaxIndia #BlackMoneyAct

🚨 Reminder for Taxpayers: Disclose Foreign Income by December 31! 💼 The CBDT Chairman, Ravi Agarwal, has urged taxpayers to revise their Income Tax Returns (ITRs) for FY 2023-24 to include any undisclosed foreign income or assets by December 31, 2024. 🚨 The Income Tax Department is actively reaching out via SMS and email to individuals with high-value foreign assets who haven't declared them in their ITRs. 💡 What constitutes foreign assets? - Bank accounts abroad - Immovable properties overseas - Equity or debt investments - Other capital assets held globally 🌐 India’s tax authorities are leveraging global data exchange agreements for enhanced compliance. Late disclosure could lead to hefty penalties—act now to ensure you're on the right side of the law. Let’s work together towards better financial transparency. 💼 #ForeignAssets #Taxation #IncomeTaxIndia #GlobalInvestments #ITRCompliance #Finance #CharteredAccountants #TaxUpdates