Extended limitation fails without specific suppression allegations, while overseas employee secondment remains taxable as manpower supply within norma...
Time-share accommodation classification excludes Club or Association Service where purchasers receive contractual occupancy rights without genuine mem...
CENVAT credit for trading requires reversal, while taxable-service rental credit remains proportionately available and limitation issues await resolut...
Vicarious liability for dishonoured company cheques may extend to non-signatory directors where complaints contain foundational responsibility avermen...
Foreign Assets of Small Taxpayers Disclosure Scheme Rules, 2026 establish electronic procedures for declaring specified undisclosed foreign assets and income. Fair market value is prescribed by asset class, generally using the higher of acquisition cost and valuation-date market value, with indexed cost deemed applicable where valuation is unavailable; special rules apply to bank accounts, transferred assets, reinvestment chains, partnership interests and currency conversion. Declarations in Form 1 are limited by separate aggregate-value thresholds for undisclosed assets and income, and for previously taxed or non-resident-acquired foreign assets not disclosed after becoming resident. Payment, electronic intimation and certification are made through Forms 2-4; delayed payment attracts interest, while non-payment within the permitted period voids the declaration. Valid certification grants the specified tax, penalty and prosecution immunity.
Foreign Assets of Small Taxpayers Disclosure Scheme Rules, 2026 establish electronic procedures for declaring specified undisclosed foreign assets and income. Fair market value is prescribed by asset class, generally using the higher of acquisition cost and valuation-date market value, with indexed cost deemed applicable where valuation is unavailable; special rules apply to bank accounts, transferred assets, reinvestment chains, partnership interests and currency conversion. Declarations in Form 1 are limited by separate aggregate-value thresholds for undisclosed assets and income, and for previously taxed or non-resident-acquired foreign assets not disclosed after becoming resident. Payment, electronic intimation and certification are made through Forms 2-4; delayed payment attracts interest, while non-payment within the permitted period voids the declaration. Valid certification grants the specified tax, penalty and prosecution immunity.
Note: It is a system-generated summary and is for quick reference only.
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