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CBDT receives around 1,100 applications under foreign assets disclosure scheme

Since the launch of the Foreign Assets of Small Taxpayers Disclosure Scheme, approximately 1,100 taxpayers have submitted applications. The scheme provides an opportunity to disclose unreported foreign assets and income at a 60 percent tax rate. Taxpayers can access information about their assets reported by foreign jurisdictions through the e-filing…

The Economic Times · Oct 26

Good news: If penalty is imposed for misreporting of income or other cases you can apply for waiver of penalty using revised Form 161; Check the details

On October 8, 2026, the Central Board of Direct Taxes introduced a revised Form 161 for taxpayers. This new form allows eligible individuals to apply for a waiver of penalty related to misreported income. Taxpayers must meet specific statutory conditions when applying for this relief through the amended form. The…

The Economic Times · Oct 9

Tax audit deadline extended: Key checks taxpayers should make before filing income tax return

The CBDT has announced an extension for tax audit and ITR filing deadlines for Assessment Year 2026-27. Taxpayers must now file their returns by November 21, 2026, while the tax audit report is required by October 21, 2026. Accurate reporting and compliance checks are essential to avoid scrutiny from the…

The Economic Times · Oct 1

Income Tax Department launches nationwide verification of suspicious foreign remittances

The Income Tax Department has launched a nationwide verification exercise into suspicious foreign remittances after identifying several entities that allegedly remitted large amounts of foreign exchange despite reporting little or no turnover, the Central Board of Direct Taxes (CBDT) said.

The Economic Times · Aug 19

NRI bought life insurance policy in Dubai from a foreign insurer, got maturity proceeds after returning to India, his claim for tax exemption was denied; he won the case in ITAT for this reason

An Indian resident successfully challenged the tax department's claim of undisclosed foreign income on maturity proceeds from a Dubai life insurance policy. The ITAT ruled that foreign insurer policies are not automatically subject to the Black Money Act, especially when premiums originate from non-taxable foreign earnings. This landmark decision offers…

The Economic Times · Aug 18

Presumptive taxation for professionals: The 50% rule remains-but what changes for deductions and losses under the new tax Act?

The 50% presumptive taxation rule for professionals largely continues under the new Income-tax Act. However, Section 58(4) introduces a wider restriction on deductions and losses against presumptive income. Here is what professionals need to know before filing their returns.

The Economic Times · Aug 12

ITR filing deadline extension: Will Income Tax Department extend July 31 ITR filing due date? Here’s what chartered accountants believe

ITR filing deadline: Nearly 5.44 crore taxpayers filed income tax returns for AY 2026-27 by July 30. Experts suggest the July 31 deadline extension for income tax returns is unlikely. The e-filing portal has been functioning smoothly with no widespread technical issues reported. Taxpayers should file their returns by the…

The Economic Times · Jul 31

Are you an NRI who sold an under-construction property? Here's what actually counts as your “Date of Purchase” for capital gains calculation

NRIs selling under-construction property must use the allotment date for capital gains. This date determines long-term versus short-term capital gains tax treatment. The Bombay High Court and other rulings support the allotment date as the acquisition point. This principle applies even when possession or registration occurs much later. Proper documentation…

The Economic Times · Jul 29

India Cost Inflation Index at 384 in FY27, up from 376 a year earlier, CBDT notifies

India's Central Board of Direct Taxes has set the Cost Inflation Index at 384 for the financial year 2026-27. This index is pivotal in gauging the inflation-driven changes in costs over time. Annually published through gazette notices, it pertains to long-term capital assets sold.

The Economic Times · Jul 16

Foreign assets in AIS: CBDT sets the stage for Foreign Assets of Small Taxpayers Disclosure Scheme

The CBDT’s decision to upload foreign financial information into taxpayers’ annual information statements may be more than an administrative exercise. Read alongside the Finance Act, 2026, it appears to set the stage for the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026, and signals a new era of tax transparency.

The Economic Times · Jul 16