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Foreign Assets, RSUs and Foreign Bank Accounts in ITR: Schedule FA Reporting, Notices and Penalty Explained
Foreign assets in ITR? Understand Schedule FA disclosure rules for foreign bank accounts, RSUs, ESOPs, overseas investments, Form 67, and penalties for non-reporting in AY 2026-27.
Budget 2024 - An Analysis
. This budget ("Sabha Saath Sabka Vikas") is only an interim budget where only a vote on account is delivered by the finance minister. Here only a brief summary is given, and when the new government comes, a full budget will be delivered.
All about Arbitration Agreement
In the 1940 Act, the Arbitration Agreement was defined under Section 2(a) as- "A written agreement to submit present or future differences to arbitration, whether an arbitrator is named therein or not."
Whether filing of return is an admission that notice is valid?
The assessee was a company incorporated in Switzerland. A notice of reassessment was issued to it. The reasons stated were that the assessee had been identified as a foreign company in the non-filers monitoring system category and that during the financial year 2010-11 relevant to the assessment year 2011-12 it had entered into a share transaction.
CA Firms Can Now Officially Partner with Global Firms
The ICAI has approved a draft regulatory framework to allow domestic CA firms to formally tie up with global accounting firms said by the president Charanjot Singh Nanda.
Inclusion of Retail and Wholeseller in MSME
Under the revised guidelines, the Ministry of MSME has issued an order to include retail and wholesale trade as MSME and extending to them the benefit of priority sector lending.
Section 139(8A) of the Income Tax Act: Furnishing Updated Returns Made Clear
An Updated return can be furnished u/s 139(8A) of the Income Tax Act 1961 by any person, whether or not he has furnished a return under sub-section (1) or sub-section (4) or sub-section (5), for an assessment year
RBI Action: Cheques to Be Cleared Within Hours - Key Highlights
The Reserve Bank of India (RBI) has announced that cheque clearance will now be completed within a few hours, compared to the current timeframe of two to three days.
Budget 2024-25: FAQs on New Capital Gains Tax Provisions
Explore comprehensive FAQs on the new Capital Gains Tax provisions proposed in the Union Budget 2024.
Union Budget 2021 | Will there be an additional Covid Cess or not?
Article 270 of the Constitution of India states that the Parliament can levy cess for a specific purpose under a law made by it. The Central cess collections will therefore not be shared or allotted to any states under revenue devolution.
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