The Income Tax Department has flagged 25,000 taxpayers for possible non-disclosure of foreign assets and income for AY 2025–26. Based on CRS and FATCA data, mismatches were found in Schedule FA and FSI. Taxpayers must file a revised return by 31 December 2025 to avoid heavy penalties under the Black Money Act.
Understanding Income Tax Assessment in India
Filing an income tax return is just the first step in staying compliant. Income Tax Assessment is the process through which the department verifies the accuracy of reported income, deductions, and taxes paid. Depending on the case, assessments can be summary, scrutiny, or best judgment, each serving to ensure transparency and correctness. Understanding this process helps taxpayers respond efficiently to notices, claim legitimate deductions, and avoid penalties.
Discover the complete guide to Invoice Furnishing Facility (IFF) under the QRMP scheme in GST. Learn who can use it, how to file it, key due dates, and why it’s important for timely Input Tax Credit (ITC). Also, understand the latest GSTN update from July 2025, introducing hard locking in GSTR-3B and corrections through GSTR-1A.
When it comes to managing personal finances, understanding income tax is crucial. For the Financial Year 2024-25 (Assessment Year 2025-26), the Indian government has continued with..
Filing your Income Tax Return (ITR) is a crucial financial responsibility for every taxpayer. However, even a minor mistake can lead to penalties, delayed refunds, or unnecessary scrutiny from the Income Tax Department.
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