CARF Rules are becoming increasingly important as cryptocurrency trading has grown tremendously over the past several years. Millions of investors purchase, sell, and exchange digital assets over international platforms. As much as crypto has good profit potential, it has become a concern to governments and taxation officials. The CARF Rules are where this is supposed … Read more
In India, the taxation system is going under strong change. The Draft Income Tax Rules 2026 are coming into effect on April 1, 2026. There are several new rules and changes. However, the most important changes are around cryptocurrency reporting. In addition, there is the formal recognition of the Central Bank Digital Currency (CBDC) as … Read more
The Union Budget 2026 has introduced several stringent penalties on crypto trading. This comes after the government’s serious stance on virtual digital asset compliance. However, there are no changes in tax rates under the current Tax Rule on Crypto. But there’s a new crypto reporting penalty. This penalty framework aims to enhance accountability. As a … Read more
Lots of taxpayers had confusion with the terms such as Financial Year and Assessment Year. In India, the financial year is the period when we earn our income and that is April 1 to March 31. Then came the Assessment Year. The assessment year was the next year when that income was assessed and tax … Read more
Joint foreign investments with spouses or partners- in overseas stock trading, foreign depository accounts or combined foreign-brokerage holdings are done by many of the Indian residents in the world today. When entering into such investments it Tis important to know about ITR Disclosure Rules for Joint Foreign Investments and the impact it has on your … Read more
The notion of the Updated return has introduced a significant change of attitude towards corrections, missed disclosures, and late reporting among taxpayers. The government has made it easy and permits voluntary compliance, which has made people and businesses remain on the right side of the law without any fear of the punishment that might occur … Read more
A significant and highly welcomed change that will affect business and investors in India during the financial year FY 2025-26 is the abolition of the Tax on Excess Share Premium. Entrepreneurs, start-ups and private limited companies are particularly interested in this development since it has a direct effect on ITR filing and compliance. We can … Read more
Once you make income in a foreign country, you may be forced to pay tax in the country (the source country) and in India (the residence country) as well. This is the case of a double taxation and it is against such circumstances that the idea of the Foreign Tax Credit (FTC) is of specific … Read more
CBDT Extends Audit Report & ITR Filing Dates In welcome news for the taxpayers and professionals alike, the Central Board of Direct Taxes has now officially extended the due date for filing audit reports for F.Y. 2024-25 (A.Y. 2025-26). This extension has come after continuous representations by taxpayers, Chartered Accountants, and trade bodies moved the … Read more
The Madras High Court has made a historic ruling and declared cryptocurrency a property of Indian law. This decision provides virtual assets with a legal identity and has a direct implication on how they should be reported in the ITR filing. It will be a relief and responsibility to those millions of Indians trading or … Read more