Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
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.
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