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Foreign Assets

Budget 2026: Retrospective Relief Under Black Money Act for Foreign Assets Below ₹20 Lakh [Read Finance Bill 2026]

The Union Budget for the Financial Year 2026–27 was presented by Finance Minister Nirmala Sitharaman in the Lok Sabha today (Sunday, 1 February...

Union Budget 2026 Proposes One-Time Foreign Asset Disclosure Scheme: Know the New Amnesty Scheme and...

Important Income Tax Update: CBDT releases Offline ITR utilities for AY 2025-26

Foreign Asset Non-Disclosure Triggers ₹10 Lakh Penalty Risk: Income Tax Dept urges AY 2025-26 ITR...

CBDT Increases Exemption Limit to ₹20 Lakh for Undisclosed Foreign Assets [Read Instruction]

CBDT Launches Compliance-Awareness Campaign for AY 2024-25 to help Income Taxpayers in Reporting Foreign Assets and Income

The Central Board of Direct Taxes ( CBDT ) has introduced a Compliance-Cum-Awareness Campaign for Assessment Year (AY) 2024-25 to help taxpayers accurately fill out Schedule Foreign Assets (Schedule...

ITR-on-time or Jail Time? Know the Penalties for Non-Filing of Income Tax Returns

Income Tax Returns The taxpayer must first ascertain which ITR form they must fill out before filing returns. There are a total of 7 ITR forms available, of which ITR 1 to 4 is applicable for...

Income Tax - Income Tax Return - ITR - taxscan

Income Tax Department conducts Searches in Mumbai

The Income Tax Department carried out search and survey operations on a group based in Mumbai on 08.02.2021. This group is mainly engaged in the business of manufacturing of Gutkha, Pan masala and...

Income Tax Department - Searches in Mumbai - taxscan

Income Tax Searches lead to Detection of Undisclosed Foreign Assets of more than Rs. 1000 crore

Taking forward the mission of the Government against black money, particularly undisclosed foreign assets, the Income Tax Department conducted searches on 19th January 2020, on a group that has been...

Income Tax Department detects Foreign Assets in recent search

The Income Tax Department conducted searches on 23rd July, 2019 in a group covering 13 premises across 3 States (Delhi, Haryana & Himachal Pradesh). The group, controlled by persons who have...

Income Tax Returns, PAN, Foreign Assets Details mandatory for Lok Sabha Election Candidates [Read Notification]

The Government, in order to bring more accountability and transparency in the election process and to make easy verification of the candidates details, mandated that the candidates of election shall...