Enhancing Tax Transparency on foreign assets & Income: Understanding CRS &FATCA A. Purpose of CRS and FATCAIn this globalized economy, tax transparency and compliance has become paramount to ensurethat taxpayers disclose their global income and assets accurately. The Common ReportingStandard (CRS) and the Foreign Account Tax Compliance Act (FATCA) are internationalframeworks designed to combat tax … Read more
Foreign Income and Assets from the Indian Income Tax Department? Think Again. For Indian residents, the days of discreetly stashing away global income, foreign assets, and overseas investments are long gone. The Indian Income Tax Department now has a robust system in place to track your financial footprints worldwide, thanks to international agreements like the … Read more
India’s Finance Ministry announced a significant 45% increase in foreign asset declarations, a clear sign that the Income Tax (I-T) Department’s crackdown on unreported income is working. This surge highlights growing taxpayer compliance and the effectiveness of the government’s data-driven approach. Key Highlights of the Crackdown Swiss Bank Deposits Clarified Recent reports noted a sharp … Read more