CA Lalit Aggarwal

21/08/2026

16/08/2026

CBDT has notified the Foreign Assets of Small Taxpayers Disclosure Scheme Rules 2026 on 14 August 2026, coming into force from 16 August 2026.*

Eligibility covers two categories.
➡️Taxpayers with undisclosed foreign assets and undisclosed foreign income together valued up to Rs 1 crore as on 31 March 2026, the valuation date, can declare and pay tax plus an equal penalty, roughly 60% of the aggregate value.

➡️Taxpayers with undisclosed foreign assets alone valued up to Rs 5 crore pay only a fee, nil or Rs 1 lakh, no tax or penalty.

Fair market value rules cover bank accounts, immovable property, jewellery, artwork, quoted and unquoted shares, and partnership interests, generally taking the higher of cost or current value.

Declarations go electronically in Form 1, with the last date fixed as 31 December 2026. Once the income tax authority processes payment through Forms 2 and 3, a certificate in Form 4 grants immunity from tax, penalty, and prosecution under the Black Money Act.
CA Lalit Aggarwal

16/08/2026

Income Tax Search (CBDT Guidelines)

Cash Seized During Search
- Up to ₹10 Lakhs = Generally Not Seized (If explained/regular assessee)
- Exceeds ₹10 Lakhs = Can be seized if unexplained / undisclosed source

Jewellery Limits (No Seizure Allowed by IT Dept)
- Married Female = Up to 500 grams
- Unmarried Female = Up to 250 grams
- Male Member = Up to 100 grams

Note:
1. Limits apply per family member during an Income Tax raid.
2. If jewellery matches wealth tax returns/books, no upper limit applies.
3. Sovereign gold coins/bars are not covered under these relaxation limits.

15/08/2026

Jai hind

08/07/2026

Ministry of Corporate Affairs (MCA) vide General Circular No. 03/2026 dated July 08, 2026 has extended the validity of the Companies Compliance Facilitation Scheme, 2026 (CCFS-2026) up to 31 August 2026, providing additional time to companies for completing their pending statutory filings.

The Scheme had been introduced by the Ministry to offer companies an opportunity to regularise and complete pending statutory compliances. Earlier, the CCFS-2026 was valid up to 15 July 2026.

As stated in the Circular, the extension has been granted in view of the capacity enhancement and restoration activities being carried out at the data centre following a fire incident on 05 June 2026.

Accordingly, the Ministry has decided to extend the validity of the Companies Compliance Facilitation Scheme, 2026 from 15 July 2026 to 31 August 2026, enabling eligible companies to avail additional time for completing pending filings under the Scheme.

CA Lalit Aggarwal