The FinTech Hub
Source: Live Mint The Income Tax (IT) department is taking a lenient approach this year to address the non-disclosure of foreign assets in income tax returnsfiled in the current assessment year. This week, the department has sent out emails to taxpayers who have not reported foreign assets, asking them to revise their tax return. This…
Source: Live Mint The Income-Tax (I-T) department has today (November 17) 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. The “compliance-cum-awareness campaign” aims to ensure that taxpayers report all information in their…
Source: Live Mint The Central Board of Direct Taxes (CBDT) has started a Compliance-Cum-Awareness Campaign for Assessment Year (AY) 2024-25 to assist taxpayers in correctly completing the Schedule overseas assets and appropriately reporting income from overseas sources in their income tax returns (ITRs). As part of this campaign, informational messages will be sent via SMS…
Source: Live Mint I am a NRI with a residential property in Mumbai that I have rented to a salaried individual. The monthly rent is ₹90,000 and the lessee has deducted TDS at 5%. In the lease agreement, I mentioned my Indian address and PAN but did not inform the tenant about my NRI status….
