Wealth4India

09/10/2026

🚨 57th GST Council Meeting 2026

Major proposals:
• Remove Sec 69 arrest powers
• ₹5 Cr prosecution threshold
• Faster GST refunds
• Wider ITC relief
• ₹10,000 notice threshold

Subject to notification.

https://caalokkumar.com/my-writing/57th-gst-council-meeting-2026/

57th GST Council Meeting 2026: Key updates on arrest powers, ₹5 crore prosecution limit, ITC relief, GST refunds, penalties, registration and notices.

08/10/2026

06/10/2026

⚠️ Received the FAST-DS 2026 Foreign Assets Advisory?
The Income Tax Department is sending taxpayers voluntary-compliance advisories where its information may indicate overseas financial interests such as foreign bank accounts, shares, investments or property.
📅 FAST-DS deadline: 31 December 2026
But receiving the advisory does not automatically mean you must file Form 1 or pay ₹1 lakh/60%.
FAST-DS broadly distinguishes between:
🔴 Undisclosed foreign assets/income within ₹1 crore — effective 60% outgo.
🟢 Specified foreign assets whose source was tax-paid/qualifying NRI income but reporting was missed within ₹5 crore — flat ₹1 lakh fee.
Before deciding, check:
✅ Foreign Assets Information in AIS
✅ Residential status
✅ Source of investment
✅ Earlier ITR and Schedule FA
✅ Foreign income and tax paid
✅ Correct valuation
✅ FAST-DS eligibility
Foreign bank-account valuation can also be very different from the closing balance.
Read the detailed guide:
FAST-DS 2026 Advisory Email – Complete Filing Guide
For eligibility, valuation and filing assistance:
FAST-DS 2026 Filing & Compliance Assistance

05/10/2026

🏠 Forgot to claim Section 54F exemption in your Income Tax Return?
That omission may not necessarily end the claim.
The ITAT Hyderabad has held that a taxpayer may raise an additional claim under Section 54F at the appellate stage even when it was not claimed in the ITR or before the Assessing Officer.
The Tribunal clarified that the Supreme Court ruling in Goetze (India) Ltd. restricts the Assessing Officer—but does not restrict the appellate jurisdiction of the ITAT.
⚖️ Important: The Tribunal did not automatically grant the exemption. The matter was sent back to the AO to verify whether the taxpayer actually satisfied all Section 54F conditions.
The ruling can be particularly useful in cases involving:
✔️ Long-term capital gains
✔️ Property transactions
✔️ Residential-house investment
✔️ NRI capital gains
✔️ Omitted deduction/exemption claims
✔️ Income-tax appeals
📖 Read the complete case analysis:
https://caalokkumar.com/my-writing/section-54f-claim-not-made-in-itr/

Section 54F claim not made in ITR can still be raised before ITAT. Hyderabad ITAT explains Goetze India, fresh claims and appellate powers.