Income Tax Department has issued a strict warning that if anyone hides foreign assets or income, he may have to pay a fine of up to Rs 10 lakh. This warning has been given under the rules to stop black money. The department wants people to fill all the information correctly in their tax returns. There should not be any kind of mistake in this.
Income Tax: The Income Tax Department has given a strict warning to taxpayers. If foreign assets or earnings are concealed, a fine of up to Rs 10 lakh can be imposed. This rule comes under the law made to prevent black money. This warning has also been issued so that all taxpayers fill all the information correctly in their Income Tax Return (ITR) for the financial year 2024-25. The department wants people to follow the rules for paying tax and understand them well. It is also important for you to know what is considered foreign property? According to the Income Tax Department, any citizen of India who has a bank account, insurance policy, stake in companies, immovable property, custodial account, shares, debt, trust or any other capital asset abroad, will have to give full details of foreign assets or income in his ITR. This rule applies to all those whose income is less than the tax limit or whose assets have been acquired from declared sources.
What has CBDT said?
The Central Board of Direct Taxes (CBDT) has clearly stated that if a person hides information about foreign assets or income, then he can be fined under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
Under this campaign, CBDT will send SMS and emails to all those who have submitted their ITR for the assessment year 2024-25. These messages will specifically include those who are likely to have foreign accounts or assets or receive income from foreign sources under bilateral and multilateral agreements.
What is the purpose of this campaign?
The purpose of this campaign is to remind and guide people, especially those who have foreign assets of very high value, to correctly fill the foreign asset schedule in their ITR. The last date for filing late or updated ITR is December 31, 2024. Remember, it is your responsibility to provide correct and complete information. Failure to do so may result in legal action.
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