ITR: The Income Tax Department has issued a public consultation paper to taxpayers under the Compliance-cum-Awareness campaign, reminding them that the last date for filing belated and revised ITR is December 31.
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. A penalty of Rs 10 lakh can be imposed under the anti-black money law. This is also being reminded because the last date for filing late and revised ITR is December 31.
The Income Tax Department has issued a public consultation paper to taxpayers on Saturday under the Compliance-cum-Awareness campaign. 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 do not hide any kind of information.
Information given in the consultation paper
It has been clarified in the consultation paper that it is important for the tax resident of India to keep some important things in mind in the last year. Under this, if they have been involved in some tax related activities, then there will be a tax liability in India and it is necessary to include it in the ITR. Know what is included in it-
Foreign assets – penalty will be imposed for not disclosing income
Foreign assets include bank account, cash value insurance contract or annual contract, financial interest in any unit or business, immovable property, equity and loan interest, trust in which the person is a trustee, beneficiary of the settler, accounts with signature authority, custodian account, any capital gain asset kept abroad, etc.
How will the information be sent
CBDT had said that under the campaign, it will first send SMS and email to those resident taxpayers who have already filed their ITR for the 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 asset-Foreign Assets (FA) or Income from Foreign Source (FSI) schedule in their ITR. The income of such people may be less than their taxable limit or property abroad has been earned from declared sources. A fine of Rs 10 lakh can be imposed under the Black Money and Tax Imposition Act, 2015 for not disclosing foreign assets / income in ITR.