The Income Tax Department is repeatedly requesting taxpayers that if they have forgotten to disclose any foreign assets or income, they should inform immediately. A deadline of 31 December 2024 has also been given for this.
If someone does not tell the Income Tax Department about his foreign assets or income even by this deadline, then it is possible that he may have to face serious consequences.
What could be the harm?
If you do not tell the Income Tax Department about your foreign assets or income, then legal action can be taken against you. Under this, you may have to pay a fine of up to Rs 10 lakh for hiding information and in some circumstances you may also have to go to jail.
The Income Tax Department has all the information
The Income Tax Department has clarified that it has detailed information about people’s foreign assets and earnings. The Income Tax Department has information about financial accounts in many countries that belong to Indians. In such a situation, the Income Tax Department has warned and clarified that there will be no benefit in hiding it. In some cases, legal action can be taken considering it as black money.
According to the Income Tax Department, it has information about the name, address and tax identification number (TIN) of the account holders. Along with knowing the account number, the Income Tax Department also has information about the balance of that account. The Income Tax Department also has information about income like interest and dividend.
All this information helps the Income Tax Department to know about the global income of its taxpayers. It also helps in identifying those taxpayers who have hidden or not disclosed the information about their foreign assets or income.
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