Common GST Return Mistakes That Can Trigger Scrutiny Notices, Audit or Demand Proceedings Businesses now operate in a highly data-driven GST compliance environment. GST authorities actively use data analytics, AI-based risk assessment, and return cross-verification to identify discrepancies. Consequently, even minor reporting errors can trigger scrutiny notices (ASMT-10), departmental audits, or tax demand proceedings. Share …
Income Tax Department’s Verification Drive on Suspicious Foreign Remittances CBDT press release dated 18 August 2026 announcing a nationwide verification exercise targeting suspicious outward foreign remittances. The Department has identified entities that remitted substantial funds abroad despite reporting little or no genuine business activity. What Triggered the Investigation? The Income Tax Department analyzed foreign remittance …
FAST-DS 2026 (Foreign Assets of Small Taxpayers Disclosure Scheme, 2026) The attached document explains the FAST-DS 2026, a one-time voluntary disclosure scheme introduced by the Government of India for small taxpayers holding undisclosed foreign assets or foreign income. The scheme is effective from 16 August 2026 and remains open until 31 December 2026. What is …
Direct Tax Collections FY 2026-27 (as on 10 August 2026) – Detailed Analysis The table compares direct tax collections up to 10 August 2026 with the corresponding period of FY 2025-26. It covers Gross Direct Tax Collections (before refunds), Refunds Issued and Net Direct Tax Collections (after deducting refunds) All figures are in INR crore. …
Major Tax Dept. verification drive on suspicious foreign remittances The major income tax dept verification drives on suspicious foreign remittances and is particularly relevant for businesses making overseas payments and for professionals issuing Form 15CB/Form 146 certifications. What triggered the investigation of suspicious foreign remittances? The Income Tax Department’s nationwide verification exercise originated from search …
Builder Changes & Buyer Approval Under RERA: Understanding Your Rights as a Homebuyer Purchasing a home is one of the most significant financial decisions for most individuals. To protect buyers from arbitrary changes by developers after booking a property, the Real Estate (Regulation and Development) Act, 2016 (RERA), lays down strict rules regarding modifications to …
Undisclosed Foreign Assets? A One-Time Disclosure Opportunity Under the New CBDT Scheme The Central Board of Direct Taxes has notified the Foreign Assets of Small Taxpayers (Disclosure) Scheme Rules, 2026, effective from 16 August 2026. The scheme provides a limited opportunity for eligible taxpayers to voluntarily disclose certain foreign assets and income that were not …
ICAI Launches Multipurpose Empanelment Form (MEF) 2026-27: Key Dates and Filing Overview The Professional Development Committee of the Institute of Chartered Accountants of India has opened the Multipurpose Empanelment Form 2026-27 for Chartered Accountants and CA firms seeking empanelment for various professional assignments, including bank audits and other audit opportunities. The online filing process commenced on …
Detailed Analysis of Carbon Credits & VDA Status in FY 2025-26 Tax audit and compliance framework for virtual digital assets u/s 44AB, with a special focus on cryptocurrency, NFTs, DeFi transactions, and carbon credits. Legal Framework for VDAs in India Section 2(47A)—Definition of Virtual Digital Assets: A Virtual Digital Asset generally includes Cryptocurrencies (Bitcoin, Ethereum, …
Amendments to the IBBI (Liquidation Process) Regulations Proposed amendments to the IBBI (Liquidation Process) Regulations pursuant to the Insolvency and Bankruptcy Code (Amendment) Act, 2025. The objective is to make liquidation faster, more efficient, and creditor-driven. Detailed Explanation of Key Changes of IBBI (Liquidation Process) Regulations Liquidation to be Completed within 180 Days Existing Position: …