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CBDT has urged all taxpayers to report their foreign income or Assets in their Income Tax Returns (ITRs) for the FY 2024-25 via its second phase of NUDGE.

CBDT Urges Taxpayers to Disclose Their Foreign Assets or Income in ITRs for FY 2024-25 

Judgement

The Tribunal noted that Preity has not gained any profit from these transactions, and the transaction has just discharged the liability of the assessee from one entity to another.

ITAT Mumbai Clears Preity Zinta in Rs 10.84 Crore Tax Dispute

Articles

The CBDT gets information about the foreign assets of Indian residents by using the CRS and the FATCA.

Undisclosed Foreign Asset? Here's How to Report Foreign Income and Assets on Your Tax Return

The Tribunal held that the DCF method is also a recognised method under Rule 11UA of the Income Tax Act and the AO's rejection based on the non-achievement of projected turnover in the DCF valuation is not justified.

ITAT: DCF Method Cannot be Rejected Based on Non-Achievement of Projected Turnover

ITAT Chennai upheld the 153C reassessment in a bogus bottle purchase case, confirming a 10% profit estimate instead of full additions and dismissing both appeals.

ITAT Chennai Confirms 10% Profit Estimate in Liquor Firm’s Bogus Bottle Purchase Case

ITAT Delhi rules that Toshiba’s reimbursements for seconded employees’ salaries in Japan are genuine salary payments, not Fees for Technical Services (FTS).

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CBDT Urges Taxpayers to Disclose Their Foreign Assets or Income in ITRs for FY 2024-25

ITAT Mumbai Clears Preity Zinta in Rs 10.84 Crore Tax Dispute

Undisclosed Foreign Asset? Here's How to Report Foreign Income and Assets on Your Tax Return

ITAT: DCF Method Cannot be Rejected Based on Non-Achievement of Projected Turnover

ITAT Chennai Confirms 10% Profit Estimate in Liquor Firm’s Bogus Bottle Purchase Case

ITAT Delhi Rules Salary Reimbursements to Seconded Employees Are Genuine Not FTS; Favours Company