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From the Desk of: Navneet Shukla Non-disclosure of overseas ESOPs by Indian employees of foreign companies / MNCs in the Income-tax Return, particularly in the Foreign Assets Schedule can have serious consequences. Failure to report such foreign assets may attract penalty up to 10 lakh and even prosecution under the Black Money (Undisclosed Foreign Income…
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The Institute of Chartered Accountants of India (ICAI) has released the Income Tax Act, 2025, a landmark reform replacing the six-decade-old Income-tax Act, 1961. This new law, effective from 1st April 2026, is aimed at creating a transparent, simplified, and globally aligned tax framework for India. Why the New Law? Key Highlights Impact Conclusion The Income Tax…
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Navneet Shukla’s Editorial Space The GST Council’s major reform, effective from September 22, 2025, introduces sweeping changes to India’s Goods and Services Tax structure. Most essential goods and widely used services now attract sharply reduced GST rates—typically dropping to 5% or even zero—while luxury, sin, and select high-end products will incur a new 40% GST.…
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The Income Tax Department has released the updated ITR-1 and ITR-4 forms for Assessment Year 2025-26, and taxpayers under the Old Tax Regime need to be aware of several significant changes. These revisions aim to bring more transparency and accountability in the reporting of exemptions and deductions. Taxpayers claiming HRA exemption must now provide comprehensive…
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One of the most confusing yet critical areas of GST is dealing with DRC forms -especially when notices come in! Form No. and Purpose If your client gets a DRC-01 – don’t panic! Filing a well-drafted DRC-06 reply or making payment via DRC-03 can save major penalties.
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The key changes have been introduced in the new Income Tax Return (ITR) Forms 1 to 7, as notified by the CBDT for the Assessment Year 2025-26. These ITR forms will be used to report income earned during the Previous Year 2024-25. Unlike previous years, the forms have been notified with a delay, prompting concerns…
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In a significant move aimed at strengthening tax compliance and streamlining assessments related to undisclosed income, the Income Tax Department has notified a new return form—Form ITR-B. What is Form ITR-B? Form ITR-B is a unique income tax return form that must be filed by individuals or entities where search or requisition operations (under Sections…
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What is Form 11? Form 11 is an annual return that is to be filed by an LLP every year irrespective of the business activity, turnover, and profit or loss. Thus every LLP must file Form 11 with MCA even if the LLP did not have any operations or business activity in the previous year.…
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So far, income tax authorities had the power to conduct searches and seize assets and books of accounts if they had reason to believe that an individual was evading taxes. The new I-T bill extended this power to the “virtual digital space”. Starting April 1, 2026, income tax authorities will be able to access and…
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