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Taxation Central Ministry of Finance Income Tax Act, 1961

CBDT (Income Tax) issues notification regarding the importance of tax transparency on Foreign Assets and Income

13-Nov-2024 | Notification

CBDT (Income Tax) has issued a informative notification regarding the importance of tax transparency on Foreign Assets and Income. By virtue of notification, the following has been stated: a. The Common Reporting Standard and the Foreign Account Tax Compliance Act are statutes that help to combat tax evasion by Indian taxpayers on international income and assets. b. It is mandatory for every Indian taxpayer to disclose their foreign income, foreign assets, and any foreign taxes paid in the Income Tax Return. If there is any delay in disclosing these foreign assets, income and taxes an individual can revise their return until 31st December, 2024. For more detailed information, please refer to the specified document.

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Recent Posts in Corporate Laws

Corporate Laws

CDSL issues communique regarding United Nations Security Council (UNSC) Committee with respect to removal of three entries

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Tripura Government Fixes Minimum Daily Base Wage Rate at ₹450

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CDSL issues communique regarding United Nations Security Council (UNSC) Committee with respect to removal of three entries

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