Missed reporting foreign assets in ITR for AY 2024-25? File a revised return to avoid Rs 10 lakh penalty: If you have not disclosed your foreign assets in the Income Tax Return (ITR) filed for assessment year 2024-25, then you will have to file a revised return. If you do not do this, you may have to pay a fine of up to Rs 10 lakh. The deadline for filing revised returns is 31 December 2024. In such a situation, taxpayers have more than 50 days left to file the revised return. In an advisory issued today i.e. Monday, November 18, the Income Tax Department has warned such taxpayers that if they do not disclose their foreign assets or income earned abroad, they will be charged under the anti-black money law. Under this, a fine of Rs 10 lakh can be imposed.
It has been said in the advisory that if you have not declared your foreign assets and income in your original ITR, then you can save it by filing a revised return. The Income Tax Department allows taxpayers to rectify any omissions or mistakes. Revised return for assessment year 2024-25 can be filed by 31 December 2024.
Also read: CBDT: CBDT’s new campaign started, taxpayers have a chance to give details of undeclared foreign assets.
Income Tax Department is running an e-campaign
The Income Tax Department said such taxpayers will have to “mandatorily” fill the foreign assets (FA) or foreign source income (FSI) schedule in their ITR, even if their income is “less” than the “taxable limit” or they have assets abroad. Be “obtained from disclosed sources”. The Central Board of Direct Taxes (CBDT) has issued a Compliance cum Awareness for Assessment Year 2024-25 for taxpayers to furnish information about Schedule Foreign Assets (Schedule FA) in their tax returns (ITR) and income from foreign sources. Campaign (Compliance-Cum-Awareness Campaign) has been started.
fromThe Trull Direct Taxes Board said in a statement that alerts will be sent through SMS and email to taxpayers who have already filed their tax returns for assessment year 2024-25. The board said that these informational messages are for people identified through information received under bilateral and multilateral agreements. This information suggests that these people may have foreign accounts or assets, or may have earned income from abroad.
The Income Tax Department has launched e-CAP to inform those taxpayers who have not disclosed income from foreign sources or foreign assets in their ITR for assessment year 2024-25. The department is running a campaign for such taxpayers under the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) and has also issued an advisory for this.
CRS and FATCA are international frameworks designed to crack down on tax evasion, increase transparency and support the work of the Income Tax Department. Bank accounts, cash value insurance contracts or annuity contracts, financial interest in any business or entity, immovable property, custodial account, share and debt interest in foreign assets if you are a tax resident of India for the previous year, the advisory states. , trust in which the person is the trustee, beneficiary or settlor, accounts with signing authority, any capital asset etc.
