Clipped from: https://www.financialexpress.com/money/rs-10-lakh-penalty-for-foreign-asset-non-disclosure-facts-every-nri-should-know-before-panicking-4098089/ An NRI’s online query about missed foreign asset disclosure during Resident and Ordinarily Resident (ROR) years has triggered confusion and fear of penalties.
Category: Seven Star
*******Decade-old income tax demands resurface on portal, leaving taxpayers scrambling for proof – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/decade-old-income-tax-demands-resurface-on-portal-leaving-taxpayers-scrambling-for-proof/articleshow/126312362.cms Synopsis Old income tax demands from as early as 2005 are resurfacing on tax portals, with accumulated interest often exceeding the principal amount.
*******JAO vs. FAO: Section 148 Reassessment Powers – Evolving Delhi HC and SC Position
Clipped from: https://taxguru.in/income-tax/jao-vs-fao-section-148-reassessment-powers-evolving-delhi-hc-sc-position.html JAO vs. FAO: Reassessment Powers under Section 148 – Evolving Delhi High Court and Apex Court Position It is pertinent to note that
*******Digital inheritance: Why a legal will is no longer enough – Money Insights News | The Financial Express
Clipped from: https://www.financialexpress.com/money/insights/digital-inheritance-why-a-legal-will-is-no-longer-enough/4092959/ In today’s digital-first world, inheritance is no longer just about wills and paperwork, but about access to smartphones, apps and online accounts. From
*******ITC Claimed, Reversed and Re-Claimed in FY 2024-25: How Will It Reflect in GSTR-9? [GSTR 9/9C FAQ Explained]
Clipped from: https://www.taxscan.in/top-stories/itc-claimed-reversed-and-re-claimed-in-fy-2024-25-how-will-it-reflect-in-gstr-9-gstr-99c-faq-explained-1440278?TRN300=SekwjRcdsAuMKvsgUYkMcbgwAcJuwuMkvcGUykqhGJxMEdFSIMSBJiuRKMsAsx&LKD333=3307256 To prevent mismatches, audit objections, and future disputes consistent and proper reporting across these tables is essential. In this article, we’ll explain the
*******Deduction u/s 54F Cannot be Denied for Non-Deposit of Sale Proceeds Before Filing Return: ITAT [Read Order]
Clipped from: https://www.taxscan.in/top-stories/deduction-us-f-cannot-be-denied-for-non-deposit-of-sale-proceeds-before-filing-return-itat-1434395?TRN300=SekwjRcdsAuMKvsgUYkMcbgwAcJuwuMkvcGUykqhGJxMEdFSIMSBJiuRKMsAsx&LKD333=3307251 The Tribunal observed that courts have consistently held such deposits to be procedural and that the main condition under Section 54 investment in
*******With DPDP clock ticking, India Inc braces for ₹20,000-crore compliance spend – The HinduBusinessLine
lipped from: https://www.thehindubusinessline.com/info-tech/with-dpdp-clock-ticking-india-inc-braces-for-20000-crore-compliance-spend/article70446314.ece Following the notification of rules under the DPDP Act in November, the 18-month countdown for complying with the norms has begun for institutions
*******Gratuity in full and final settlement may come sooner after job exit under new labour laws – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/gratuity-in-full-and-final-settlement-may-come-sooner-after-job-exit-under-new-labour-laws-4091759/ India’s new labour laws, set to take effect in 2026, could significantly change how employees are paid, work, and retire. From faster gratuity
*******Appeals Before GST Appellate Tribunal: Procedure, Limitation & Compliance
Clipped from: https://taxguru.in/goods-and-service-tax/appeals-gst-appellate-tribunalprocedurelimitationcompliance-section-112-cgst-act-rules.html Appeals Before GST Appellate Tribunal: Procedure, Limitation & Compliance under Section 112 of CGST Act & Rules Summary: Section 112 of the CGST Act,
*******GSTAT Appeal Filing Explained Due to Mandatory Statement of Facts Limit
Clipped from: https://taxguru.in/income-tax/gstat-appeal-filing-explained-due-mandatory-statement-facts-limit.html Statutory Framework for Filing Appeals before GSTAT As per Rule 110(1) of the Central Goods and Services Tax Rules, 2017 , an appeal to the
*******Non-effective portal notices, without a fair hearing or opportunity to reply, violate principles of natural justice
Clipped from: https://taxguru.in/goods-and-service-tax/non-effective-portal-notices-fair-hearing-opportunity-reply-violate-principles-natural-justice.html Kurlon Retail Limited Vs Sales Tax Officer & Ors. (Delhi High Court) The Delhi High Court held that GST adjudication based on notices
*******Joint home loans can help families save tax – The Hindu
Clipped from: https://www.thehindu.com/business/Economy/joint-home-loans-can-help-families-save-tax/article70445833.ece A joint home loan availed by two or more close family members, such as spouse, siblings, parents or children, enhances loan affordability. It
*******New labour codes I Companies need to account for cost implications from December quarter: ICAI – Business News | The Financial Express
Clipped from: https://www.financialexpress.com/business/news/new-labour-codes-i-companies-need-to-account-for-cost-implications-from-december-quarter-icai/4090644/ The new codes have reduced the work threshold for paid annual leaves from 240 days to 180 days, making them accessible sooner. New
*******Financial Infidelity: The new secret habit driving Indian couples to divorce – Money Insights News | The Financial Express
Clipped from: https://www.financialexpress.com/money/insights/financial-infidelity-the-new-secret-habit-driving-indian-couples-to-divorce/4090863/ The new age married couple is worried about a new kind of infidelity. No, it is not cheating on your partner with someone
*******Labour codes 2025: How 50% wage rule would alter salaries, tax outgo, retirement savings – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/labour-codes-2025-how-50-wage-rule-would-alter-salaries-tax-outgo-retirement-savings-508334-2025-12-27 At the core of the reform is a uniform definition of “wages”, limited to basic pay, dearness allowance and retaining allowance, which must
Income tax dept releases FAQs on tax deduction on donation under Section 80G – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/income-tax-dept-releases-faqs-on-tax-deduction-on-donation-under-section-section-80g/articleshow/126076074.cms Listen to this article in summarized format Taxpayers who donate to charitable organisations can claim tax deduction under Section 80G of the Income Tax
*******Gift gone wrong: How a tax exempt Rs 1.3 crore family gift turned into a Rs 70 lakh tax shock – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/gift-gone-wrong-how-a-tax-exempt-rs-13-crore-family-gift-turned-into-a-rs-70-lakh-tax-shock-504677-2025-12-02 The Income Tax Department has clarified that monetary gifts received by individuals and HUFs are taxable under Section 56(2)(x) unless specifically exempt. Gifts
*******Karnataka HC Quashes Service Tax Orders for Failure to Consider Proper SCN Reply
Clipped from: https://taxguru.in/service-tax/karnataka-hc-quashes-service-tax-orders-failure-proper-scn-reply.html Shafiqahmed Dongarkhe Vs Principal Commissioner of Central Tax (Karnataka High Court) The petitioner approached the Karnataka High Court seeking quashing of three actions
*******Banking on a bargain: Sandesara settlement raises important questions
Clipped from: https://www.business-standard.com/opinion/editorial/banking-on-a-bargain-sandesara-settlement-raises-important-questions-125112701283_1.html The brothers, who had managed to abscond on the Albanian passport in 2017 and were running an oil and gas business in Nigeria,
*******How to check income tax refund status via PAN card? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/how-to-check-income-tax-refund-status-via-pan-card/articleshow/125539158.cms Listen to this article in summarized format For many taxpayers, Income Tax Return (ITR) refunds are taking longer than usual this year due
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