Latest news with #CRS
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Business Standard
an hour ago
- Business
- Business Standard
Have money abroad? IT dept's new guide spells out what & how to report
To help taxpayers correctly report overseas income and assets, the Central Board of Direct Taxes (CBDT) has released a detailed guide explaining how to fill the foreign assets (FA), foreign source income (FSI), and tax relief (TR) schedules in the income tax return (ITR). These steps align with international obligations under the Common Reporting Standard (CRS) and the US-led foreign account tax compliance act (FATCA), aimed at curbing offshore tax evasion. Why CRS and FATCA matter CRS, developed by the OECD, and FATCA, enacted by the United States, are global frameworks that require financial institutions across countries to share details of foreign financial accounts with respective tax authorities. India receives such data annually, covering account balances, interest income, and more, which helps the Income Tax department detect unreported foreign assets or income held by resident taxpayers. What needs to be reported Indian residents must declare: All foreign financial accounts and assets (under Schedule FA) Income from any foreign source (under Schedule FSI) Tax relief for taxes paid overseas (under Schedule TR and Form 67) Failure to do so can trigger steep penalties under the Black Money Act, 2015. How to file: A quick overview Schedule FSI-reporting foreign income -Mention income from outside India under the correct head (e.g., salary, capital gains). -Use ISD codes for countries and provide TIN or passport details. -Claim tax relief under the applicable Double Taxation Avoidance Agreement (DTAA) article. -Ensure you also file Form 67 to claim credit. Schedule TR- tax relief claimed -Summarise tax paid overseas (as reported in FSI) country-wise. -Mention tax relief claimed under Sections 90, 90A or 91. Schedule FA-foreign assets disclosure Report all foreign assets held during the calendar year ending 31 December 2024, including: -Depository, custodian and insurance accounts -Foreign equities, immovable properties, trusts, and other capital assets -Signing authority in any foreign account Convert all amounts into Indian currency using SBI's telegraphic transfer buying rate as on the relevant date. Why this matters Transparent and accurate foreign asset disclosure: -Ensures legal compliance and avoids scrutiny -Helps claim tax credits and avoid double taxation -Reflects good governance and contributes to national development Final word The Income Tax department urges all resident taxpayers to disclose foreign assets and income fully and accurately in their ITRs. With automatic exchange of data under CRS and FATCA, concealment is riskier than ever. Timely and transparent disclosures are key to staying on the right side of the law.
Time Business News
a day ago
- Business
- Time Business News
Canada Continues to Be the Top Destination for Skilled Immigrants
When you hear the idea of working as a skilled professional in another country, Canada always makes it to the top. In 2025, that is not the case at all. Canada, with its immigrant-friendly policies, growing economy in terms of employment, and high standard, remains a popular destination for skilled labour across the world, and why not? Canada may be the appropriate place in case you want to begin a new life and profession. 1. Skilled Workers Demand: Is it an all-time high The labour market in Canada is changing swiftly. The baby boomer generation is trying to retire, and industries are growing, which is why the number of talented specialists working in different fields is growing to the sky. From IT professionals and engineers to healthcare workers and tradespeople, there's a long list of Canada Occupation In-Demand roles that remain unfilled. As a matter of fact, the government has been very active in updating this list with its Express Entry system and provincial nominee programs (PNPs) so that newcomers come in as the exact measure that the nation requires. 2. Federal Skilled Worker Program: Your ticket in If you're wondering how to get started, the Canada Federal Skilled Worker Program (FSWP) is the golden ticket for many. It is a component of the Canadian Express Entry programme, and only those who have experience or education, and linguistic abilities should apply for it. There is no job offer required as well; just fulfil the eligibility criterion, get a good CRS (Comprehensive Ranking System) score, and you may get an invitation to apply to get a PR. What is so good about it: No position offer needed Fast processing (up to 6 months) Keeping track of your Express Entry profile's progress is simple. 3. Easy PR Pathway: Easy to Apply, Easier to Settle Canada makes it surprisingly simple to apply for a Canada PR Visa, especially when compared to countries with stricter rules and longer processing delays. It is straightforward to plan and prepare using the online process, step-by-step eligibility checks, and transparency. After being approved, you have permanent resident (PR) status that entitles you to: Living, working, and studying anywhere in Canada Healthcare and social advantage Accessibility A 3-year residency, on the way to Canadian citizenship 4. Provincial Nominee Programs: Further Alternatives to Choose At the same time that all the focus is on Express Entry, the Canadian Provincial Nominee Programmes (PNPs) provide another entry point to permanent residency, particularly when your occupation is in demand within a particular province. Such provinces as Ontario, Alberta, British Columbia, and Saskatchewan also have a list of high-demand occupations. In case your profile is a fit, you may be nominated by the province itself, thus increasing your PR invitation chances manyfold. This simplifies the process of filling out your application to get a Canada PR visa, even though your CRS score may not be that high. 5. A Multicultural Community That Seems a Home Canada is a very hospitable nation. Wherever you are born, you will probably find your community, festivals, food, and the language that you understand in your neighbourhood. Toronto, Vancouver, and Calgary are among the cities that have an active multicultural society, and nowadays, the representatives of India, the Philippines, Nigeria, the Middle East, and other parts of the world are constructing their lives in peace and prosperity. Hence, in the process of pursuing your career, you feel that you belong and that your culture is comfortable. 6. Quality of Life in Par With Dreams We should remember what is important after all, and that is your future. Canada consistently ranks among the top countries worldwide in terms of: Safety and security Clean environment Good health care and schooling facilities Work-life balance Not only are you making more, but you are living better. In Conclusion, The Right Time is Now This is your sign if you plan to relocate to your ideal location. Having skilled workers in high demand, a very convenient application procedure, and a country that appreciates newcomers, it's no wonder that Canada keeps being the leading country as the choice of immigrants in 2025. Whether you're an IT professional, healthcare expert, engineer, or trade specialist, now is the time to explore the opportunities and apply for Canada PR Visa under the Federal Skilled Worker Program. TIME BUSINESS NEWS
Yahoo
2 days ago
- Business
- Yahoo
Carpenter Technology Ready to Report Q4 Earnings: What's in Store?
Carpenter Technology Corporation CRS is scheduled to report fourth-quarter fiscal 2025 results on July 31, before the opening Zacks Consensus Estimate for CRS's sales is pegged at $770 million, indicating a 3.6% dip from the year-ago reported consensus estimate for Carpenter Technology's earnings is pegged at $2.03 per share. The Zacks Consensus Estimate for CRS's earnings has moved up 0.5% in the past 60 days. The estimate indicates year-over-year growth of 11.5%. Image Source: Zacks Investment Research CRS's Solid Earnings Surprise History Carpenter Technology's earnings beat the Zacks Consensus Estimates in the trailing four quarters, the average surprise being 11.1%. Image Source: Zacks Investment Research What the Zacks Model Unveils for Carpenter Technology Our proven model does not conclusively predict an earnings beat for CRS this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. But that is not the case here, as you can see can uncover the best stocks before they are reported with our Earnings ESP ESP: Carpenter Technology has an Earnings ESP of -3.07%.Zacks Rank: CRS currently has a Zacks Rank of 2. Factors Likely to Have Shaped CRS's Q4 Performance Carpenter Technology has been witnessing growth across its end-use markets, especially in aerospace, defense and medical applications, which is anticipated to continue throughout fiscal 2025 and get reflected in the fourth-quarter fiscal 2025 results. In the quarter, demand is expected to have accelerated across all aerospace submarkets as the supply chain ramped up to meet increasing travel the company has been bearing the brunt of labor and chip shortages, which are likely to have affected its gains from increased productivity across Carpenter Technology's facilities, higher prices, an improved product mix and increased volumes are expected to have negated these headwinds. The impacts of these are likely to get reflected in the company's margin expect the Specialty Alloys Operations segment's sales to be $689 million in the quarter, indicating a dip of 3.7% from the year-ago quarter's reported figure. Our model estimates the segment to sell 47,322 pounds in the fourth quarter of fiscal 2025, indicating a dip of 17.3% from that reported in the fourth quarter of fiscal 2024. We expect the operating profit to be $163 million, indicating growth from the $141 million reported in fourth-quarter fiscal expect Performance Engineered Products' net sales to rise 1.5% year over year to $113 million. Our model predicts the segment to sell 2,843 pounds in the quarter, indicating a decrease of 0.5%. Our estimate for the segment's operating profit is $11.7 million. The segment reported an operating profit of $10.6 million in the year-ago quarter. Carpenter Technology Stock's Price Performance CRS shares have skyrocketed 97.4% in the past year compared with the industry's 46.7% growth. Image Source: Zacks Investment Research Stocks to Consider Here are some Basic Materials stocks, which, according to our model, have the right combination of elements to post an earnings beat in their upcoming American Silver Corp. PAAS, slated to release second-quarter 2025 earnings on Aug 6, has an Earnings ESP of +3.09% and flaunts a Zacks Rank of 1 at present. You can see the complete list of today's Zacks #1 Rank stocks consensus mark for Pan American Silver's revenues is $766.8 million, indicating year-over-year growth of 11.7%. The Zacks Consensus Estimate for PAAS' earnings for the second quarter is pegged at 39 cents per share. The estimate indicates a significant climb from the earnings of 11 cents per share reported in the year-ago quarter. PAAS has a trailing four-quarter average earnings surprise of 36.7%. Agnico Eagle Mines Limited AEM, scheduled to release second-quarter earnings on July 30, has an Earnings ESP of +7.97% and a Zacks Rank of 3. The Zacks Consensus Estimate for Agnico Eagle Mines' revenues is $2.55 billion, implying year-over-year growth of 22.9%. AEM's earnings for the second quarter are pegged at $1.69 per share, indicating a year-over-year jump of 57.9%. Agnico Eagle Mines has a trailing four-quarter average earnings surprise of 12.3%.CSW Industrials, Inc. CSW, slated to release first-quarter fiscal 2026 earnings on July 31, has an Earnings ESP of +4.38% and a Zacks Rank of 3 at consensus mark for CSW Industrials' fiscal first-quarter revenues is $277 billion, implying year-over-year growth of 22.5%. The consensus mark for earnings is pegged at $2.74 per share. It indicates a year-over-year rise of 10.9%.CSW Group has a trailing four-quarter average earnings surprise of 7.8%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Carpenter Technology Corporation (CRS) : Free Stock Analysis Report Agnico Eagle Mines Limited (AEM) : Free Stock Analysis Report Pan American Silver Corp. (PAAS) : Free Stock Analysis Report CSW Industrials, Inc. (CSW) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Time of India
6 days ago
- Business
- Time of India
GHMC to adopt CRS for issuing birth & death certificates
Hyderabad: In the wake of multiple irregularities concerning birth and death certificates, the Greater Hyderabad Municipal Corporation ( GHMC ) is set to transition from its existing software to the Civil Registration System (CRS) for issuing these essential documents. This system will be operated by the Office of the Registrar General of India (ORGI). A few days ago, the state govt granted permission to migrate to the ORGI's CRS for the registration of births and deaths within GHMC limits. This move aims to maintain a unified database of all such certificates, in compliance with the amendments to the Registration of Births and Deaths (RBD) Act. The decision follows the discovery of more than 22,000 fraudulent birth and death certificates. On average, GHMC issues around 20,000 such certificates annually within the city. States including Andhra Pradesh, Maharashtra, Bihar, Uttar Pradesh, Madhya Pradesh, and Haryana have already implemented this system. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad "The GHMC will manage approvals using the advanced and standardised CRS software. The entire application process will be conducted digitally. Initially, we will test this framework in two circles as a pilot project before rolling it out across the corporation. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around Blinkist: Warren Buffett's Reading List Undo All certificates generated through the CRS will feature QR codes for verification," said a senior official in the Municipal Administration and Urban Development (MAUD) department. Recently, GHMC observed that some MeeSeva centres were abusing the instant approval system by generating birth and death certificates without uploading the requisite supporting documents. First Information Reports (FIRs) were filed against the respective MeeSeva centres by registrars of all circle offices. Additionally, the civic body terminated 16 health assistants and 15 outsourced employees who were involved in the issuance of fraudulent certificates. An investigation into 74 birth certificates by GHMC revealed that four home births had not occurred. Registrars of the respective circles were instructed to file criminal cases against the parents, neighbours, advocates, and others involved. A thorough enquiry also found that 65 birth certificates and 8 death certificates had been fraudulently issued at a hospital. Despite various measures, the problem of fake certificates continues. Officials believe that implementing the CRS could help curb such irregularities. The software assigns a unique identification number to every birth and death across the country. Hospitals can submit their registers online, with information only being recorded upon authorisation by the registrar. The system also enables linking Aadhaar with the National Population Register and allows integration of UID numbers for birth certificate modifications. CRS software receives regular updates in line with govt regulations.
Al Etihad
6 days ago
- Business
- Al Etihad
Abu Dhabi named world's most tax-friendly city as UAE gains favour with the wealthy
25 July 2025 00:53 ISIDORA CIRIC (ABU DHABI)Abu Dhabi has been ranked the most tax-friendly city in the world in a new report by Multipolitan, with Dubai following close behind in second place. The UAE's twin financial centres outperformed traditional financial hubs like Singapore due to their low effective tax exposure, treaty coverage and strong governance frameworks, strengthening the country's status as a preferred destination for cross-border index, published in Multipolitan's 'Wealth Report 2025 – The Taxed Generation', ranks cities located within the world's 20 most tax-efficient countries. It combines three weighted metrics — tax rates across five key categories, double taxation treaty coverage, and regulatory quality based on World Bank were included only if they met thresholds for macroeconomic and political stability, narrowing the original pool of 164 Dhabi led with a score of 637.1, just ahead of Dubai's 635.1. While both benefit from the UAE's zero personal income tax regime, the capital edged out its neighbour due to slightly lower property-related fees — transfer and municipality charges that are often seen as proxy taxes in jurisdictions without formal report's authors said their approach focused on 'real-world outcomes' rather than political rhetoric, measuring where wealth 'faces the fewest frictions'. In practice, that meant evaluating five tax categories (personal, corporate, inheritance, wealth, and capital gains), before layering in treaty networks and regulatory stability. The UAE's broad Double Taxation Avoidance Treaty network helped lift both cities on the index's second metric, while high scores on the World Bank's Regulatory Quality indicator added an extra boost to their leadership.'Dubai, Doha, and Abu Dhabi perform strongly across all three metrics, with Abu Dhabi and Dubai retaining the top position when combining tax environment an governance considerations,' the report said. 'When factoring in double taxation avoidance as an indicator of tax system accessibility, Abu Dhabi, Dubai, Doha, and Kuwait City emerge as top performers.'While the UAE's tax regime has evolved in recent years — introducing a federal corporate tax in 2023 and a 15% minimum tax for large multinationals beginning in 2025 — it has maintained a favourable overall environment for individuals. Qualifying Free Zone entities can still access 0% corporate tax rates, and reforms around audit standards, beneficial ownership disclosures, and FATCA/CRS compliance have been designed to bring the system closer to international norms without alienating mobile Multipolitan rankings are the latest in a string of research highlighting the UAE's draw for high-net-worth individuals. In April, Savills ranked Dubai and Abu Dhabi as the top two cities worldwide for wealthy individuals to live and work, citing lifestyle, governance, climate, and safety alongside tax factors. The report found that more than 6,700 ultra-wealthy individuals relocated to the UAE last year, many from higher-tax jurisdictions like the UK, where marginal rates can reach 45%.Then in June, the Henley Private Wealth Migration Report projected the UAE would attract 9,800 new millionaires in 2025 — more than any other country. The value of capital associated with these moves is estimated at $63 billion, with the UAE recording a 98% growth in its millionaire population over the past report also looked at longer-term trends through two other metrics — the Wealth Preservation Cities Index 2015-2025 and the Smart & Sustainable Cities Index — with both UAE cities making the top the Wealth Preservation Cities Index, Abu Dhabi ranked 22nd and Dubai 24th on this list, marking the only Gulf entries in a group otherwise dominated by Western cities. The methodology here focused on inflation, currency stability, earnings, asset growth, and governance, before evaluating urban hubs on indicators such as property values and quality of Smart & Sustainable Cities Index, meanwhile, ranked Abu Dhabi in 23rd and Dubai close behind at 25th. The index examines long-term potential for preserving wealth through digital readiness, climate resilience, and political stability. The report places the UAE's performance within a broader trend of the Gulf region's coordinated drive to attract mobile capital. Seven cities from the region landed in the global top 20, including Manama (4th), Doha (5th), Kuwait City (8th), Riyadh (12th) and Muscat (17th).
