income tax return
The Income Tax Department requires all taxpayers to provide foreign asset information along with their income tax returns. Department officials said all taxpayers must file the correct form to provide information about foreign assets and, if they have filed the incorrect form, they must make corrections to their returns. According to the tax department, two lakh people with overseas assets have so far filed ITRs during the current assessment year.
The CBDT official said that all Indians who pay income tax. And they went abroad in order to earn money or do business. If they have properties abroad, then all those people will have to submit the ITR with their details. Apart from this, if any company has given you shares while you were working abroad, you will also have to inform the Income Tax Department.
Compliance and awareness program
The Income Tax Department and the CBDT recently issued guidelines for taxpayers to correctly fill Schedule ‘Foreign Assets’ (Schedule FA) in their Income Tax Returns (ITR) and disclose income from foreign sources for the year 2024-25. The low awareness campaign has been started. . The Income Tax Department also organized an online interaction session on the topic ‘Disclosure of Foreign Assets and Income by Taxpayers’. During this, Commissioner (Investigation) in CBDT, Shashi Bhushan Shukla explained the various provisions of the matter and the rules of the Anti Black Money Act, 2015. He said that if the income tax return is not filed on time, then what punishment can be imposed under this law and how much fine can be imposed.
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It said those who have such assets or income, but have filed ITR-1 or ITR-4, must file ITR before December 31, 2024 to avoid penalties prescribed under the Anti-Black Money Act.
