Topic
tax compliance
Finance Weaker rupee may push foreign assets over FAST-DS Rs 1 crore limit, raising tax bill
The rupee's 14-33% decline over three to seven years may push foreign holdings above the FAST-DS Rs 1 crore limit, potentially disqualifying taxpayers from the 60% tax-and-penalty disclosure window. The Income Tax Department's voluntary scheme, open since August 16, uses March 31, 2026 as the exchange-rate date for assets, but experts disagree on whether income should be converted at that date or the year-earned rate. Taxpayers with over Rs 1 crore in undisclosed income are weighing updated returns alongside FAST-DS, but face risks of void declarations if facts are suppressed.
Now, tax amnesty for undisclosed foreign assets
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Business 5.9 crore income tax returns filed by July 31 deadline, says I-T department
The Income-tax Department reported 5.9 crore returns filed by July 31, the annual deadline for most individuals. The tally is lower than the over 7.3 crore filings recorded by last year's extended deadline on September 16, 2025. Returns are still accepted until December, with penalties, and business-income filers face later deadlines.
Business GST Boost: Maharashtra Emerges as India’s Top State Tax Contributor, Says India Ratings
Maharashtra has become the largest contributor to state tax revenue under GST, driven by high consumption and a large services sector. India Ratings & Research reports a sharp improvement in tax buoyancy and a doubling of the taxpayer base since the reform. The state's share rose to 20.4% in the post-GST period.
Regulations & Compliance Firm Moved to a New GST Jurisdiction? CBIC Clarifies How Pending Cases Will Be Handled
The Central Board of Indirect Taxes and Customs (CBIC) has issued a circular clarifying that when a registered taxpayer moves to a new GST jurisdiction, the new jurisdictional authority will take over and complete all ongoing proceedings—including investigations, audits, show cause notices, and adjudications—from the stage at which they were transferred. This removes ambiguity that previously caused jurisdictional objections and delays.
Finance ITR Filing FY 2025-26: Essential Document Checklist and Penalty Risks for Finance Professionals
With the July 31 ITR filing deadline approaching, taxpayers must gather critical documents including Form 16, AIS/TIS, and Form 26AS. Late filing incurs penalties of ₹1,000 to ₹5,000, and those opting for the old tax regime may lose benefits if they miss the due date.