ITR Filing News: The Income Tax Department has advised taxpayers to carefully review their foreign income and assets and file them correctly in their Income Tax Returns (ITR).
According to the department, two lakh Income Tax Returns (ITRs) detailing foreign assets and income have been filed so far during the current assessment year.
The department has urged Indian residents to file the correct form for disclosing foreign assets and revise their returns if they have submitted the wrong form.
Such people should review ITR filing
CBDT Commissioner Shashi Bhushan Shukla said resident Indians should inform the Income Tax Department about the shares received from their employers and income earned through employee stock options by filling the foreign assets and foreign source income schedule.
The Income Tax Department and its administrative authority Central Board of Direct Taxes (CBDT) have recently launched a compliance-cum-awareness campaign for Assessment Year (AY) 2024-25 to enable taxpayers to correctly fill up the schedule ‘Foreign Assets’ (Schedule FA) in their Income Tax Returns (ITR) and disclose income from foreign sources (Schedule FSI).
Punishment can be given under anti-black money law
The department also organised an online interaction session on the topic ‘Disclosure of foreign assets and income by taxpayers’. During this, Shashi Bhushan Shukla, Commissioner (Investigation) in CBDT explained various provisions of the subject and the provisions of the Anti-Black Money Act of 2015.
He said those who have such assets or income but have filed ITR-1 or ITR-4 should file revised or belated returns by December 31 to avoid penalties and prosecution as prescribed under the anti-black money law.
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