Chartered Accountants issuing certificates in Form 15CB/Form146 are expected to exercise due care, diligence and professional judgment – CBDT CBDT has cautioned CAs on exercising due care, diligence and professional judgment while issuing certificates in Form 15CB/Form146 regarding foreign remittances. In its press release, CBDT has stated that …

Section 292C of the Income Tax Act 1961 indeed carries presumption of correctness of such seized documents contents but only against the searched than any third party In a recent judgment, ITAT has held that section 292C of the Income Tax Act 1961 indeed carries presumption of correctness …

PCIT directed to consider condonation of delay u/s 119(2)(b) in filing revised return to availing benefits of section 44ADA In a recent case, the High Court quashed order u/s 119(2)(b) rejecting condonation of delay for filing revised return to claim refund by availing benefits of presumptive taxation u/s …

Whether condition of pre-deposit prior to reference to Arbitration is arbitrary and violative of the right to sue – Division Bench seeks reference to a larger Bench. In a recent judgment, a Division Bench of the Hon’ble Supreme Court has referred the issue of condition of pre-deposit prior …

Frequently asked Questions on Foreign Assets of Small Taxpayers Disclosure Scheme and Rule 2026.  CBDT has released a FAQs on Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS) and recently notified Foreign Assets of Small Taxpayers – Disclosure Scheme Rules, 2026  The FAQs are divided into sections namely …

Foreign Assets of Small Taxpayers- Disclosure Scheme Rules 2026 notified. Rule come into force on the 16th day of August, 2026. The Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (in short, “FAST-DS”) is a one-time voluntary compliance mechanism introduced under Chapter IV (running from Sections 130 to …