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ITR forms for FY 25 26 get major overhaul for capital gains trading and foreign assets

ITR forms for FY 25 26 get major overhaul for capital gains trading and foreign assets

The Income Tax Department has revised ITR forms for FY 2025-26, adding fresh disclosure requirements around capital gains, buyback-related losses, F&O and intra-day trading. The changes also include reporting of foreign assets, aiming to standardize filing across different taxpayer categories, including individuals and presumptive income earners, while simplifying the overall process.

Summarised by Beize from a story on The Economic Times on 9 May 2026
RBI steps up gold repatriation bringing nearly 77% home by March 2026

RBI steps up gold repatriation bringing nearly 77% home by March 2026

The Reserve Bank of India is accelerating the onshoring of its bullion reserves, aiming to bring nearly 77% of its gold home by March 2026. RBI has already repatriated a large portion and the decision follows global concerns about holding sovereign gold abroad after recent events, with several countries moving to return their reserves.

Summarised by Beize from a story on The Economic Times on 30 Apr 2026

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US stock ESOP non reporting Indians can use one time FAST DS amnesty scheme know rules

US stock ESOP non reporting Indians can use one time FAST DS amnesty scheme know rules

A new one-time amnesty scheme, FAST-DS, has been launched for Indian residents and NRIs to address past non-compliance in reporting foreign assets, including US stocks received via ESOPs. The move targets missed or inadvertent disclosures and seeks to reduce penalties and litigation under India’s Black Money Act, offering clearer resolution for taxpayers who previously got it wrong.

Summarised by Beize from a story on The Economic Times on 29 Apr 2026
Delhi High Court blocks Black Money Act move over involuntary residents in Rajiv Saxena case

Delhi High Court blocks Black Money Act move over involuntary residents in Rajiv Saxena case

The Delhi High Court has stayed action under the Black Money (Undisclosed Foreign Income and Assets) Act against “involuntary residents” in the Rajiv Saxena matter. The court ruled the Income Tax Department cannot blindly apply the law to obtain foreign asset information, referencing the AgustaWestland case. It ordered the department to share details of the foreign assets in question.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026
Budget announces six month amnesty for undisclosed foreign assets with a one time settlement fee

Budget announces six month amnesty for undisclosed foreign assets with a one time settlement fee

The Budget proposes a six-month mini amnesty window for individuals who hold undisclosed foreign assets. Eligible taxpayers can declare previously non-disclosed assets acquired with earnings already disclosed, by paying a fee. The move is designed to help small taxpayers, including students and relocated NRIs, regularize past omissions while reducing the risk of penalties and prosecution for minor violations.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026
Income Tax Department issues notices to top executives over Rs 50 lakh alleged exemption misuse

Income Tax Department issues notices to top executives over Rs 50 lakh alleged exemption misuse

The Income Tax Department has sent notices to senior executives, including CEOs and MDs of multinational companies, who earn over Rs 50 lakh. Authorities allege income underreporting and false exemption claims, focusing on undeclared foreign assets, overseas income, and inflated allowances. The move is part of a wider compliance push, with many asked to revise their tax returns.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026

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