Strategic Insights for Global Tax Compliance
SUBJECT: FOREIGN ASSETS DISCLOSURE AWARENESS UNDER THE INCOME TAX ACT Strategic Analysis of Mandates and Global Compliance Obligations for AY 2025-26 IN THIS ISSUE: By Advocate Amresh Upadhyay Expert in Tax Litigation & Global Compliance www.taxlitigater.com INDEX PAGE EDITOR’S NOTE (Page 3) The Paradigm Shift to Data-Driven Transparency The contemporary global tax landscape has transitioned […]
Strategic Analysis of Indian Foreign Asset Disclosure Mandates and Global Tax Compliance Obligations for Assessment Year 2025-26
By Advocate Amresh Upadhyay Founder, Tax Litigater The global tax landscape has undergone a profound transformation, moving from a period of guarded bilateral cooperation to a contemporary paradigm of comprehensive, data-driven transparency. For Indian residents with global financial footprints, this transition is not merely a policy shift but a fundamental restructuring of the relationship between […]
Why was the ITR deadline extended?
The CBDT press release dated May 27, 2025, highlights the following key reasons for the extension: Major updates to ITR forms: The new ITR forms introduced for AY 2025–26 include expanded disclosure requirements, particularly around capital gains. The tax treatment varies based on whether the asset was sold before or after July 23, 2024, adding […]
Reversal of ITC CLAIM
Introduction The Finance Act, 2022 substituted Section 41 of the Central Goods and Services Tax Act, 2017 (‘CGST Act’), with effect from 1 October 2022[1].Thus, from 1 October 2022, a taxpayer is allowed to self-assess and claim ITC for goods or services in their returns, with the credited amount going directly to the Electronic Credit […]
Tax Trial
Competent courts Which courts have jurisdiction to hear tax disputes? Typically, the tax dispute first arises before the tax authority, which acts in a quasi-judicial manner. It acts as both investigator and adjudicator. The powers of the first appellate body are co-extensive and coterminous to the primary tax authority. The second appellate forum is also […]