India’s Finance Ministry announced a crackdown on taxpayers not reporting foreign income, a move that comes as Indian money in Swiss banks more than tripled in 2024 to 3.5 billion Swiss francs (about ₹37,600 crore). The income tax department is actively pursuing these non-compliant individuals. Thanks to various awareness campaigns and a system-driven approach, 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
Income Tax Department Nudges Crypto Investors: Declare Your Virtual Digital Assets (VDAs) Now The Indian Income Tax Department (ITD) is intensifying its focus on cryptocurrency gains, urging thousands of investors who haven’t declared their Virtual Digital Assets (VDAs) to rectify their income tax filings. This proactive measure is part of the ITD’s “NUDGE” campaign, emphasizing … Read more
Is Form 16 enough for filing your Income Tax Return (ITR) this year (Assessment Year 2025-26 / Financial Year 2024-25)? The short answer is no. While Form 16 from your employer is a crucial document, it only tells part of your financial story. What Form 16 Covers (and Doesn’t): Form 16 is essentially your employer’s … Read more
The Income Tax Department in Shimla recently held an advance tax awareness program to help taxpayers understand their obligations better. The event, overseen by Shalini Bhargava, Principal Commissioner, Income Tax-1, Chandigarh, and Raja Ghosh, Additional Commissioner, Income Tax, Range Shimla, aimed to demystify advance tax under the Income Tax Act, 1961. Key Takeaways on Advance … Read more
A significant ruling from the Delhi High Court mandates that applications for revocation of GST Registration cancellation must be decided within one month. This directive came in the case of M/s. JMD Enterprises v. Sales Tax Officer, AVATO, decided on May 15, 2025. Case Details The petitioner, M/s. JMD Enterprises, challenged an order from April … Read more
E-Way Bill 2.0 Portal Launching July 1, 2025: Enhanced Inter-Operability and Business Continuity New Delhi, India – Get ready for a significant upgrade in how e-way bills are managed! The Goods and Services Tax Network (GSTN) has announced the launch of the E-Way Bill 2.0 portal (https://ewaybill2.gst.gov.in) by NIC, effective July 1, 2025. This new … Read more
Crypto Investments Under the Tax Scanner: CBDT Launches Major Probe The Central Board of Direct Taxes (CBDT) is cracking down on potential tax evasion and money laundering through Virtual Digital Assets (VDAs), including cryptocurrencies. This isn’t just a warning; it’s a full-blown probe, with high-risk VDA investors now under intense scrutiny. The tax authority has … Read more
The Central Board of Direct Taxes (CBDT) has just dropped some significant updates regarding Income Tax Return (ITR) filing for 2025, particularly concerning mandatory scrutiny. If your case falls into certain categories, it’s highly likely you’ll be getting a notice. New Rules for Mandatory ITR Scrutiny The CBDT has outlined specific conditions that will trigger … Read more
An NRI in the US found himself in a tax predicament when selling his Pune property, facing a ₹46 lakh tax demand due to a buyer’s error in using the wrong TDS form. Despite the NRI following all proper procedures, the buyer deposited the 20% TDS using Form 26QB (for resident sellers) instead of the … Read more