The Income Tax Department has appealed to file ITR for the financial year 2022-23, saying that taxpayers must disclose the details of foreign assets, share investment income etc. For this, details can be given through the ITR filing website. Those who do not do so may have to pay a fine of up to Rs 10 lakh and may also face income tax notice.
According to the figures of the Income Tax Department, till July 24, more than 4 crore ITRs have been filed. The last date for filing ITR has been fixed as 31 July 2023. Those who do not file ITR by this date will have to file belated ITR and pay penalty for the same.
Foreign assets must be disclosed in ITR
The Income Tax Department has said that taxpayers who have property abroad or have a bank account or receive any kind of income from abroad must disclose it in the ITR. The Income Tax Department said in the tweet – Please note: Holders of foreign bank accounts, properties and income. Please do not forget to disclose foreign assets in your Income Tax Return (ITR) for Assessment Year 2023-24. Please ensure that you disclose all Foreign Assets (FA) and Foreign Sources of Income (FSI) if you have foreign bank accounts, or assets, or receive income from abroad.
Returns from Shares or PPF Investments
The Income Tax Department has also asked those who receive income from investment in shares or receive dividends to disclose. If taxpayers have invested in Public Provident Fund, then the interest received in it is tax free. That’s why you have to show it as your income.
Details of foreign investment information
According to the Income Tax Department, taxpayers who earn income by investing anything abroad will have to disclose it in ITR. This income can be in the form of holdings, foreign funds, property, bank accounts.
10 lakh fine for hiding foreign assets
Income Tax Department said that- the last date for filing ITR is 31 July 2023. Remember: Failure to disclose foreign assets/income can result in a penalty of Rs 10 lakh under the Black Money (Undisclosed Foreign Income and Assets) and Tax Act 2015.
