Income Tax: The Income Tax Department has warned that a fine of Rs 10 lakh can be imposed for not disclosing assets located abroad or income earned abroad in the income tax return. Under the anti-black money law, a penalty of Rs 10 lakh can be imposed. This is also being reminded that the last date for filing late and revised ITR is December 31.
The Income Tax Department on Saturday issued a public consultation paper to taxpayers under the Compliance-cum-Awareness campaign. In this, it has been emphasized that taxpayers should enter such information in their Income Tax Return (ITR) for the assessment year 2024-25 this year and should not hide any kind of information.
Information given in the consultation paper
It has been made clear in the consultation paper that it is important for tax residents of India to keep in mind some important things in the last year. If they have been involved in some tax related activities decided under this, then there will be tax liability on this in India and it is necessary to include it in the ITR. Know what is included in it-
Penalty will be imposed for not disclosing foreign assets and income
Foreign assets include bank accounts, cash value insurance contracts or annuity contracts, financial interest in an entity or business, real estate, equity and loan interests, trusts in which the person is a trustee, settlor’s beneficiary, accounts with signature authority, custodial accounts, overseas Any capital gain assets etc. held are included.
How will the information be sent?
CBDT had said that under the campaign, it will first send SMS and emails to those resident taxpayers who have already filed their ITR for assessment year 2024-25. This communication will be sent to such taxpayers who have been identified through information received under bilateral and multilateral agreements.
Hiding information about foreign assets is a crime
The Income Tax Department said that taxpayers falling under this criteria will have to mandatorily fill the Foreign Assets (FA) or Foreign Source Income (FSI) schedule in their ITR. The income of such people may be less than their taxable limit or the property may have been earned from declared sources abroad. Non-disclosure of foreign assets/income in ITR can attract a penalty of Rs 10 lakh under the Black Money and Tax Imposition Act, 2015.
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