Rupee slide, valuation rules put foreign asset disclosure scheme out of reach for many
The rupee’s depreciation and strict valuation rules hinder foreign income disclosure. A one-time voluntary disclosure window allows regularization of overseas assets up to one crore. However, many exceed this limit due to currency conversion dates and asset values. Taxpayers explore updated returns and disclosure schemes, risking misrepresentation claims. Clarification on valuation rules is needed for […]
GAIL opposes IGX platform for LNG terminal capacity booking
India’s top gas marketer GAIL opposes a new platform for booking LNG terminal capacity. GAIL states this platform will add costs for consumers without significant value. The company believes existing frameworks do not require a separate booking platform. High global LNG prices already pressure downstream natural gas consumers. Much of India’s LNG regasification capacity remains […]