u/CA_Neha_Gupta

The department has reportedly started verification of 394 entities and 36 professionals over suspicious foreign remittances.

Has anyone here received a notice or verification query from the Income Tax Department regarding foreign remittances / Form 15CA-15CB?

My suggestion as a CA for foreign remittance through form 15CA/CB or form 145/146 will be:-

For genuine businesses, foreign remittances can obviously be completely legitimate — imports, software subscriptions, professional services, royalties, technical services, etc. But this development reinforces the importance of maintaining a proper documentation trail:

1. Agreement / purchase order
2. Invoice and payment details
3. Nature of services/goods
4. Taxability under the Income-tax Act
5. DTAA analysis, wherever applicable
6. TDS position
7. Form 15CA/15CB or form 145/146 documentation
8. Bank records and supporting documents
9. Evidence that the transaction actually took place

Let me know about your thoughts.

F&O Turnover – Tax Audit and ITR Filing Due Date

As a CA, I would like to clarify the position regarding the tax audit and ITR filing due dates for assessees having F&O (Futures & Options) transactions.
Based on the applicable provisions:
F&O turnover exceeding ₹10 crore: Tax audit is applicable, and the due date for filing the ITR is 30 September.
F&O turnover up to ₹10 crore: Subject to the applicability of the relevant provisions, the ITR due date is 31 August.

Do let me know what are your opinion about due dates?

Have you checked your AIS this week for foreign assets?

CBDT's FAST-DS (Foreign Assets of Small Taxpayers Disclosure Scheme) went live today. If you ever had a foreign bank account, RSUs, or overseas assets you didn't report in your ITR:- students, ex-NRIs, people who worked abroad this is a one-time window to fix it.

Two tracks:

1. Never disclosed, value up to ₹1 crore → 30% tax + equal additional levy = 60% total
2. Already taxed but missing from your ITR, up to ₹5 crore → flat fee (often nil or ₹1 lakh)

Why now: Your foreign asset data (via CRS/FATCA from 100+ countries) is now showing up in your AIS automatically. The department already knows.

Window: Open till Dec 31, 2026. Valuation date fixed at March 31, 2026. Valid declarations = no prosecution, no extra penalty under the Black Money Act.

Check your AIS on the e-filing portal this week if you've ever had money or investments outside India — even old, forgotten accounts count.

Has anyone received block assessment notice? If yes then what is the reason.

This year the cases I got of block assessment is majorly related to political party donations and HRA fake deductions.

What about you?

Has anyone received block assessment notice? If yes then what is the reason.

This year the cases I got of block assessment is majorly related to political party donations and HRA fake deductions.

What about you?

Need of the hour because of majorly these issues:-

• Foreign income and overseas tax details were updated or made available much later than expected.
• Delays in AIS/TIS updates and reconciliation.
• Corrections in Form 26AS and TDS credits.
• Complexity in reporting foreign assets, ESOPs, capital gains, and virtual digital assets.
• Tax professionals are dealing with a significant increase in compliance requirements while ensuring accurate filings.

ITR filing extension is required

What are your thoughts? Have you faced delays due to late updates in foreign income reporting, AIS, TDS, or other compliance issues?