Articles for Foreign Assets

Own foreign assets or income? Disclose now to avoid Rs 10 lakh penalty
5 days, 20 hours ago

Own foreign assets or income? Disclose now to avoid Rs 10 lakh penalty

India Today  

Failing to disclose foreign income and assets can land taxpayers in double trouble under both the Income Tax Act and the Black Money Act. STEPS FOR FILING AND DEADLINES Taxpayers must declare foreign income and assets in the applicable ITR for the assessment year they were a resident in India. Disclosing foreign income and assets not only ensures compliance with …

Tax Assets Income Foreign Act Itr Disclose
Saudi Arabia’s US Treasury Holdings Hit Highest Since 2020
3 weeks, 1 day ago

Saudi Arabia’s US Treasury Holdings Hit Highest Since 2020

Live Mint  

Saudi Arabia’s holdings of US Treasuries as a portion of foreign assets held by its central bank rose in October to the most in four years. The country’s investments in the US government bonds has been rising this year and SAMA now holds $144 billion in US Treasuries even as its total foreign assets has fallen to the lowest since …

Saudi Arabia Saudi Sama Us Treasuries Foreign Assets
Choose correct ITR to report foreign assets; 2 lakh such returns filed: CBDT official
4 weeks, 1 day ago

Choose correct ITR to report foreign assets; 2 lakh such returns filed: CBDT official

Deccan Chronicle  

New Delhi: As many as two lakh Income Tax Returns containing details of foreign assets and income have been filed during the current assessment year till now, according to the tax department which urged Indian residents for tax purposes to ensure they file the right form and revise their returns if they submitted the wrong form. The shares obtained and …

Indian Assets Income Tax Report Department Foreign Officer
Income tax department advises taxpayers to carefully review their foreign income, assets in ITR
Trending News
4 weeks, 1 day ago

Income tax department advises taxpayers to carefully review their foreign income, assets in ITR

Live Mint  

New Delhi, November 24 : The Central Board of Direct Taxes has advised all taxpayers to carefully review their foreign income and assets and report them accurately in their Income Tax Returns. Income Tax department in its special edition of 'Samvad' raised awareness on proper disclosure of foreign assets and income by taxpayers. The session aimed to raise awareness among …

Tax Indian Assets Report Itr Taxpayer Shukla
The taxman knows about your foreign assets and is giving you a chance to revise ITR
1 month ago

The taxman knows about your foreign assets and is giving you a chance to revise ITR

Live Mint  

The Income Tax department is taking a lenient approach this year to address the non-disclosure of foreign assets in income tax returns filed in the current assessment year. “This looks like a new initiative from the tax department, wherein instead of directly sending summons of investigation under section 131 of the Income Tax Act, it is giving taxpayers a chance …

Investigation Tax Assets Income Department Foreign Act
Missed reporting foreign assets in ITR? File revised return to avoid Rs 10 lakh penalty | DETAILS
1 month ago

Missed reporting foreign assets in ITR? File revised return to avoid Rs 10 lakh penalty | DETAILS

India TV News  

Taxpayers who have failed to declare foreign assets or income in their Income Tax Return for AY 2024-25 can file a revised return by December 31, 2024, to avoid a penalty of up to Rs 10 lakh. Revised return deadline announced The Tax Department has advised taxpayers that if the original ITR missed foreign assets or income, then file an …

Tax Assets Income Itr Return Rs 10 Lakh Foreign Assets
Will exceed direct tax collection target for FY25: CBDT chief
1 month ago

Will exceed direct tax collection target for FY25: CBDT chief

Live Mint  

New Delhi: The government expects to exceed its ₹22 trillion direct tax collection target for this financial year, going by the current trend in tax receipts, Central Board of Direct Taxes chairperson Ravi Agarwal said on Monday. Nudging taxpayers Agarwal also said the government is nudging tax payers who have not disclosed their foreign assets, to update their tax returns. …

Tax Assets Direct Foreign Target Collection Tax Collection
India Expects to Surpass Rs 22 Lakh Cr Direct Tax Target
1 month ago

India Expects to Surpass Rs 22 Lakh Cr Direct Tax Target

Deccan Chronicle  

New Delhi: The government on Monday said that it would exceed the Rs 22 lakh crore direct tax collection target set for the current fiscal year. As per the latest data released by the tax department between April 1 and November 10, net direct tax collection has grown 15.41 per cent to Rs 12.11 lakh crore, including net corporate tax …

Corporate Tax Assets Corporate Tax Crore Foreign Lakh
Income tax department warns: ‘Declare foreign assets or pay ₹10 lakh penalty’
1 month ago

Income tax department warns: ‘Declare foreign assets or pay ₹10 lakh penalty’

Live Mint  

The Income-Tax department has today launched a new campaign warning taxpayers of ₹10 lakh penalty if they fail to disclose foreign held assets or income earned from abroad in their ITR, according to a PTI report. According to the I-T department advisory, for Indian residents a foreign asset would include bank accounts, cash value insurance contract or annuity contract, financial …

Tax Assets Income Foreign Itr Asset Foreign Asset
Failure to disclose foreign assets, income to invite ₹10 lakh penalty: I-T dept
1 month ago

Failure to disclose foreign assets, income to invite ₹10 lakh penalty: I-T dept

The Hindu  

The Income-Tax Department on Sunday cautioned taxpayers that failure to disclose assets held abroad or income earned in foreign shores in the ITR can attract a penalty of ₹10 lakh under the anti-black money law. The advisory specified that foreign asset, for a tax resident of India in the previous year, includes bank accounts, cash value insurance contracts or annuity …

Tax Assets Income Foreign Itr Asset Foreign Asset
Taxpayers Alert: CBDT’s new campaign helps you accurately report foreign assets and income for AY 2024-25
1 month, 1 week ago

Taxpayers Alert: CBDT’s new campaign helps you accurately report foreign assets and income for AY 2024-25

Live Mint  

The Central Board of Direct Taxes has started a Compliance-Cum-Awareness Campaign for Assessment Year 2024-25 to assist taxpayers in correctly completing the Schedule overseas assets and appropriately reporting income from overseas sources in their income tax returns. The purpose is to remind and guide those who may not have fully completed Schedule Foreign Assets in their submitted ITR for AY …

Tax Assets Income Foreign Itr Cbdt Taxpayers
India’s Booming Forex Reserves: Hidden Risks and Economic Concerns
5 months, 2 weeks ago

India’s Booming Forex Reserves: Hidden Risks and Economic Concerns

The Hindu  

Published : Jul 08, 2024 11:43 IST - 6 MINS READ Figures on India’s balance of payments in financial year 2023-24, released by the Reserve Bank of India recently, have added to the hype on India’s growth story. India’s current account deficit, or the surplus of current foreign exchange expenditures and outflows over current foreign exchange earnings and receipts, fell …

India Banking Assets Capital Billion Foreign Reserve
Income Tax Return: Failure to declare foreign shares, investments, or assets can lead to a penalty of Rs 10 lakh
1 year, 2 months ago

Income Tax Return: Failure to declare foreign shares, investments, or assets can lead to a penalty of Rs 10 lakh

Live Mint  

Failing to disclose foreign shares and other overseas assets in your income tax return can have significant financial consequences. According to the report, a Mumbai Income Tax Appellate Tribunal imposed a penalty of Rs 10 lakh for each year in which foreign shares and other assets were not disclosed in the “Schedule FA” of the individual’s ITR. Under Section 43 …

India Tax Penalty Indian Assets Income Schedule
Arms dealer Bhandari flouted Black Money Act, says tribunal
1 year, 4 months ago

Arms dealer Bhandari flouted Black Money Act, says tribunal

Hindustan Times  

An appellate tribunal in Delhi has ruled that fugitive arms dealer Sanjay Bhandari created assets in London and Dubai, which he didn’t disclose to the income tax authorities to evade tax, violating the black money act of 2015. “In the instant case, Bhandari indulged in evasion of tax under Section 3 and 4 of the act of 2015,” the judgement …

India London Tax Money Black Income Act
Venezuela opposition removes ‘interim President’ Juan Guaido
1 year, 11 months ago

Venezuela opposition removes ‘interim President’ Juan Guaido

Al Jazeera  

Three of four major opposition groups backed the bill to remove opposition leader Juan Guaido and create a five-member commission to manage foreign assets. Venezuela’s opposition national assembly has voted to remove “interim President” Juan Guaido, dissolve his government and appoint a commission to govern the country’s foreign assets, as lawmakers seek a united front ahead of elections slated for …

Assets Opposition Venezuela Vote Maduro Interim Foreign Assets
The accounting period for foreign assets
2 years, 6 months ago

The accounting period for foreign assets

Live Mint  

It is mandatory for every individual, who qualifies as “Resident and Ordinarily Resident” of India, to file income-tax return if the person has any asset located outside India or is a signing authority in any account overseas. Interestingly, schedule FA follows the “accounting period” concept instead of financial year. The above difference between the accounting period and financial year can …

India Financial Tax Income Accounting Schedule Period
Live: Brooklyn subway shooting suspect arrested after manhunt, say reports
2 years, 8 months ago

Live: Brooklyn subway shooting suspect arrested after manhunt, say reports

Business Standard  

Officers with bomb-sniffing dogs look over the area after a shooting on a subway train April 12, 2022, in the Brooklyn borough of New York. S&P cuts Sri Lanka rating on 'virtual certainty' of default Sri Lanka was downgraded deeper into junk by S&P Global Ratings, which said the nation’s decision to suspend payments on its foreign debt has left …

India Delhi Ukraine Russia Sri Lanka Assets Bank
The complex task of reporting foreign income
3 years ago

The complex task of reporting foreign income

Live Mint  

The enactment of the Black Money Act in 2015 instituted a notable makeover in income tax returns to envelop extensive disclosures capturing details of foreign assets and income, making the intent loud and clear. A resident taxpayer holding foreign assets or foreign interest at any time during the relevant accounting period needs to necessarily disclose the same in the ITR …

Tax Assets Income Schedule Foreign Form Itr
US sanctions four Iranians over alleged plot to kidnap journalist
3 years, 3 months ago

US sanctions four Iranians over alleged plot to kidnap journalist

Al Jazeera  

The group of four stands accused of conspiracy related to kidnapping, sanctions violations, bank and wire fraud, and money laundering. The United States Department of the Treasury has sanctioned four Iranian intelligence officials it alleges targeted an Iranian-American journalist and human rights activist living in the US and Iranian dissidents in other countries in an effort to silence critics of …

Intelligence Treasury New York Iranian Journalist Kidnap Treasury Department
Foreign liabilities of MFs fell 18% to $9.6 bn in FY20
4 years, 2 months ago

Foreign liabilities of MFs fell 18% to $9.6 bn in FY20

Live Mint  

Mutual funds in India saw their net foreign liabilities drop by 18% in FY20, a Reserve Bank of India report published on Tuesday showed. Since then, the markets have recovered close to their all-time highs, and foreign assets of mutual funds have also increased, albeit from a low base, as domestic investors parked more money with mutual funds investing outside …

India Indian Mutual Funds Billion Funds Mutual Foreign