Weaker rupee may push foreign assets above FAST-DS Rs 1 crore limit: Taxpayers could lose the disclosure window which allows lower 60% tax outgo and face a steeper income tax bill
Since the tax payable through an updated return could be higher, an assessee may potentially save Rs 30-40 lakh. Income tax alert! If you have foreign assets then you need to be mindful of the negative impact on your tax outgo that the recent decline in rupee’s value versus the US dollar could have had.The […]
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