The Income Tax Department requires all taxpayers to provide information about foreign assets along with their income tax returns. Department officials said that all tax payers should file the correct form to give information about foreign assets and if they have submitted the wrong form then they should make corrections in their returns. According to the tax department, so far two lakh people with foreign assets have filed ITR during the current assessment year.
The CBDT officer said that all Indians who pay income tax. And they went abroad for the purpose of earning or for business. If they have properties abroad, then all those people will have to file ITR with their details. Apart from this, if any company has given you shares while working abroad, you will also have to inform the Income Tax Department about the same.
Compliance-cum-Awareness Program
The Income Tax Department and CBDT recently issued guidelines to taxpayers to correctly fill Schedule ‘Foreign Assets’ (Schedule FA) in their Income Tax Returns (ITR) and disclose income from foreign sources for AY 2024-25. 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 various provisions of the subject and the rules of Anti Black Money Act 2015. He told that if the income tax return is not filed on time, then what punishment can be given under this law and how much fine can be imposed.
He said that those who have such assets or income, but have filed ITR-1 or ITR-4, should file ITR before December 31, 2024 to avoid the penalties prescribed under the Anti-Black Money Act.
