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Foreign remittances are increasingly coming under the scrutiny of the Income Tax Department. A recent nationwide verification exercise involving suspicious foreign remittances highlights the importance of maintaining proper documentation, correctly determining taxability, and complying with applicable reporting and TDS requirements. According to the update shared by Taxla Services, the exercise covers 394 entities and 36 professionals , including entities located in land-border States. The focus reportedly includes shell entities, large foreign remittances despite low or no reported turnover, and certifications relating to foreign remittances. Professionals involved in issuing tax certificates have also been advised to exercise due care, diligence and professional judgement. This development is an important reminder that foreign remittances should not be treated merely as banking transactions . Every cross-border payment can have income-tax, TDS, documentation and reporting implicat...

For taxpayers earning income from business or profession whose accounts are not required to be audited , the ITR filing timeline for Assessment Year (AY) 2026-27 has been extended to 31st August 2026 . The same due date applies, subject to the applicable conditions, to partners of firms whose accounts are not required to be audited and eligible spouses covered by the relevant provisions. This change gives eligible non-audit business and professional taxpayers additional time to organise their financial information, reconcile records, verify tax details and complete their return accurately. However, the additional time should not become a reason to postpone filing until the final days. Here is a practical guide to what taxpayers should know and prepare before the 31st August 2026 deadline. 1. Understanding FY 2025-26 and AY 2026-27 The financial year from 1 April 2025 to 31 March 2026 is referred to as FY 2025-26 . The corresponding assessment year is AY 2026-27 , during which ...

For every business, accounts finalisation is an important step in maintaining accurate financial records and meeting tax and regulatory requirements . As the financial year comes to an end, businesses need to ensure that their books of accounts are complete, reconciled and supported by proper documentation. Accounts finalisation is not simply about closing the books. It involves reviewing income, expenses, assets, liabilities, receivables, payables, loans, taxes and other financial transactions to prepare reliable financial statements. If important records are missing or incomplete, the finalisation process can be delayed. It may also result in errors in financial statements, tax calculations, GST/TDS reconciliation and income tax return filing. Therefore, businesses should start preparing their documents well in advance. Why Is Accounts Finalisation Important? Finalised accounts provide a clear picture of the financial position and performance of a business. Properly prepared accounts...

Foreign investments and overseas assets can offer valuable financial opportunities, but they also come with important tax-reporting responsibilities. Indian taxpayers who are required to disclose foreign assets or foreign-source income must ensure that the relevant information is correctly reported in their income-tax returns. Recognising that some taxpayers may have unintentionally failed to disclose certain foreign assets or income, the Government has introduced the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS 2026) . The scheme provides a time-bound, one-time opportunity for eligible taxpayers to disclose specified foreign assets or foreign income by paying the prescribed tax or fee. The scheme comes into force on 16 August 2026 and declarations can be made up to 31 December 2026 . For taxpayers with previously undisclosed overseas holdings, this is an important compliance development that should not be ignored. 🌍 What Is FAST-DS 2026? The Foreign Asse...