Missed reporting foreign assets in ITR? File revised return to avoid Rs 10 lakh penalty | DETAILS
1 month ago

Missed reporting foreign assets in ITR? File revised return to avoid Rs 10 lakh penalty | DETAILS

India TV News  

Taxpayers who have failed to declare foreign assets or income in their Income Tax Return for AY 2024-25 can file a revised return by December 31, 2024, to avoid a penalty of up to Rs 10 lakh. Revised return deadline announced The Tax Department has advised taxpayers that if the original ITR missed foreign assets or income, then file an amended return by December 31, 2024. Penalty for non-disclosure Taxpayers who fail to declare their foreign assets and income can face a penalty of Rs 10 lakh under the Black Money Act. Foreign Assets to Be Declared Foreign assets include: Bank accounts Cash value insurance contracts Financial interests in entities Immovable property abroad Trusts and custodial accounts Any capital assets held overseas Taxpayers resident in India have to declare these assets in the Foreign Assets or Foreign Income schedule of their ITR.

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Own foreign assets or income? Disclose now to avoid Rs 10 lakh penalty
5 days, 19 hours ago

Own foreign assets or income? Disclose now to avoid Rs 10 lakh penalty

India Today  

Failing to disclose foreign income and assets can land taxpayers in double trouble under both the Income Tax Act and the Black Money Act. STEPS FOR FILING AND DEADLINES Taxpayers must declare foreign income and assets in the applicable ITR for the assessment year they were a resident in India. Disclosing foreign income and assets not only ensures compliance with …

Choose correct ITR to report foreign assets; 2 lakh such returns filed: CBDT official
4 weeks, 1 day ago

Choose correct ITR to report foreign assets; 2 lakh such returns filed: CBDT official

Deccan Chronicle  

New Delhi: As many as two lakh Income Tax Returns containing details of foreign assets and income have been filed during the current assessment year till now, according to the tax department which urged Indian residents for tax purposes to ensure they file the right form and revise their returns if they submitted the wrong form. The shares obtained and …

Income tax department advises taxpayers to carefully review their foreign income, assets in ITR
Trending News
4 weeks, 1 day ago

Income tax department advises taxpayers to carefully review their foreign income, assets in ITR

Live Mint  

New Delhi, November 24 : The Central Board of Direct Taxes has advised all taxpayers to carefully review their foreign income and assets and report them accurately in their Income Tax Returns. Income Tax department in its special edition of 'Samvad' raised awareness on proper disclosure of foreign assets and income by taxpayers. The session aimed to raise awareness among …

The taxman knows about your foreign assets and is giving you a chance to revise ITR
1 month ago

The taxman knows about your foreign assets and is giving you a chance to revise ITR

Live Mint  

The Income Tax department is taking a lenient approach this year to address the non-disclosure of foreign assets in income tax returns filed in the current assessment year. “This looks like a new initiative from the tax department, wherein instead of directly sending summons of investigation under section 131 of the Income Tax Act, it is giving taxpayers a chance …

Income tax department warns: ‘Declare foreign assets or pay ₹10 lakh penalty’
1 month ago

Income tax department warns: ‘Declare foreign assets or pay ₹10 lakh penalty’

Live Mint  

The Income-Tax department has today launched a new campaign warning taxpayers of ₹10 lakh penalty if they fail to disclose foreign held assets or income earned from abroad in their ITR, according to a PTI report. According to the I-T department advisory, for Indian residents a foreign asset would include bank accounts, cash value insurance contract or annuity contract, financial …

Failure to disclose foreign assets, income to invite ₹10 lakh penalty: I-T dept
1 month ago

Failure to disclose foreign assets, income to invite ₹10 lakh penalty: I-T dept

The Hindu  

The Income-Tax Department on Sunday cautioned taxpayers that failure to disclose assets held abroad or income earned in foreign shores in the ITR can attract a penalty of ₹10 lakh under the anti-black money law. The advisory specified that foreign asset, for a tax resident of India in the previous year, includes bank accounts, cash value insurance contracts or annuity …

Taxpayers Alert: CBDT’s new campaign helps you accurately report foreign assets and income for AY 2024-25
1 month, 1 week ago

Taxpayers Alert: CBDT’s new campaign helps you accurately report foreign assets and income for AY 2024-25

Live Mint  

The Central Board of Direct Taxes has started a Compliance-Cum-Awareness Campaign for Assessment Year 2024-25 to assist taxpayers in correctly completing the Schedule overseas assets and appropriately reporting income from overseas sources in their income tax returns. The purpose is to remind and guide those who may not have fully completed Schedule Foreign Assets in their submitted ITR for AY …

Income Tax dept warns ITR filers of stern action in case of bogus TDS claim | Check last date
4 months, 3 weeks ago

Income Tax dept warns ITR filers of stern action in case of bogus TDS claim | Check last date

India TV News  

The Income Tax Department on Sunday asked income tax return filers to refrain from making bogus claims for expenses, under-reporting their earnings or exaggerating deductions calling it a punishable offence that causes a delay in issuance of refunds. For individuals with net taxable income of more than Rs 5 lakh for the financial year 2023-24, filing a belated return may …

Amendments in Black Money Act to remove penalty on undisclosed foreign assets worth ₹20 lakh: CBDT chief
4 months, 4 weeks ago

Amendments in Black Money Act to remove penalty on undisclosed foreign assets worth ₹20 lakh: CBDT chief

Live Mint  

Union Minister Nirmala Sitharaman tabled the Finance Bill in the parliament as part of the Union Budget 2024-25, which included an amendment to the Black Money Act. Central Board of Direct Taxes Chairman Ravi Agarwal stated on 25 July that the amendment in the Black Money Act would provide taxpayers relief from penalty when a situation arises if they fail …

Budget: Tax clearance certificate mandatory for leaving India
4 months, 4 weeks ago

Budget: Tax clearance certificate mandatory for leaving India

Hindustan Times  

The Budget has made the rules stricter for obtaining clearance certificates, which are needed to leave India. Starting October 1, anyone living in India will need a clearance certificate confirming they are clear under the Black Money Act. This requirement covers taxes under the Income-tax Act, as well as the former Wealth Tax, Gift Tax, and Expenditure Tax Acts. According …

ITR Return Filing: Should you file ITR if your income is less than ₹7 lakh?
6 months ago

ITR Return Filing: Should you file ITR if your income is less than ₹7 lakh?

Hindustan Times  

If your gross taxable income exceeds basic exemption limit, it is mandatory for you to file an income tax return. But this does not mean you have to pay income tax as there is a tax rebate under section 87A of the Income tax Act, 1961 owing to which you are eligible if your net taxable income does not exceed …

Income Tax Return: Failure to declare foreign shares, investments, or assets can lead to a penalty of Rs 10 lakh
1 year, 2 months ago

Income Tax Return: Failure to declare foreign shares, investments, or assets can lead to a penalty of Rs 10 lakh

Live Mint  

Failing to disclose foreign shares and other overseas assets in your income tax return can have significant financial consequences. According to the report, a Mumbai Income Tax Appellate Tribunal imposed a penalty of Rs 10 lakh for each year in which foreign shares and other assets were not disclosed in the “Schedule FA” of the individual’s ITR. Under Section 43 …

Relevancy Of Assessment Year For Taxing Foreign Assets And Income Under The Black Money Act
1 year, 8 months ago

Relevancy Of Assessment Year For Taxing Foreign Assets And Income Under The Black Money Act

Live Law  

While presenting the Union Budget in 2015, the then Finance Minister announced, that in order to evade taxes in India some people had stashed away their money outside India and in order to curb this malaise a new legislation will be introduced to tackle the undisclosed assets and income of Indian citizens located outside India. Section 3 of the BMA …

ITR Filing AY 2022-23: Rs 5,000 Penalty if you Miss Income Tax FY22 Deadline; Know Details
2 years, 4 months ago

ITR Filing AY 2022-23: Rs 5,000 Penalty if you Miss Income Tax FY22 Deadline; Know Details

News 18  

ITR Filing for AY22-23: Tax season is almost coming to an end with the deadline to file income tax returns ending this week on July 31, which is this Sunday. Over 3.4 crore ITRs filed till 26th July, 2022 & about 30 lakh ITRs filed on 26th July, 2022 itself.The due date to file ITR for AY 2022-23 is 31st …

Income tax return: Missing ITR filing last date may land you in jail
2 years, 4 months ago

Income tax return: Missing ITR filing last date may land you in jail

Live Mint  

ITR filing for AY 2022-23: The due date for income tax return filing for the financial year 2021-22 or for the assessment year 2022-23 is fast approaching as ITR filing due date is 31st July 2022. However, in case a taxpayer misses to file is ITR by given last date of 31st December 2022, then in that case the income …

The accounting period for foreign assets
2 years, 6 months ago

The accounting period for foreign assets

Live Mint  

It is mandatory for every individual, who qualifies as “Resident and Ordinarily Resident” of India, to file income-tax return if the person has any asset located outside India or is a signing authority in any account overseas. Interestingly, schedule FA follows the “accounting period” concept instead of financial year. The above difference between the accounting period and financial year can …

The complex task of reporting foreign income
3 years ago

The complex task of reporting foreign income

Live Mint  

The enactment of the Black Money Act in 2015 instituted a notable makeover in income tax returns to envelop extensive disclosures capturing details of foreign assets and income, making the intent loud and clear. A resident taxpayer holding foreign assets or foreign interest at any time during the relevant accounting period needs to necessarily disclose the same in the ITR …

Income Tax Returns: Over 4.15 crore ITRs for fiscal 2019-20 filed till Dec 26
3 years, 11 months ago

Income Tax Returns: Over 4.15 crore ITRs for fiscal 2019-20 filed till Dec 26

India TV News  

Over 4.15 crore taxpayers have already filed their income tax returns for assessment year 2020-21 till December 26, the Income Tax Department said on Sunday. As the deadline to file ITR by individuals nears, the tax department also urged people to file their ITR for assessment year 2020-21 early to avoid last minute rush. "More than 4.15 crore Income Tax …

Income Tax Return for AY 2020-21: Which ITR form is applicable to you
4 years, 2 months ago

Income Tax Return for AY 2020-21: Which ITR form is applicable to you

Live Mint  

There are four Income Tax Return forms applicable to an individual. "Selection of appropriate ITR form is important as wrong selection would result in a receipt of defective notice from the Income Tax Department which needs to be rectified within a specified period of time," says Kapil Rana, founder and Chairman, HostBooks. An individual having income from salaries, more than …

Income Tax Return for AY 2020-21: Who cannot file ITR1?
4 years, 2 months ago

Income Tax Return for AY 2020-21: Who cannot file ITR1?

Live Mint  

The Income Tax department of India specifies a few conditions where an individual cannot use ITR1 to file his or her income tax. Income for this purpose includes income from salary or pension, income from one house property and income other sources such as interest from bank account. An individual who fulfills any of the below mentioned conditions, cannot file …

Income Tax Return: Heavy penalties on late filing and misreporting income
4 years, 4 months ago

Income Tax Return: Heavy penalties on late filing and misreporting income

Live Mint  

Last date for the filing of income tax return for financial year 2019-20 is November 30. Read on for details: Late filing of Income Tax under Section 234F of Income Tax Act If a tax payer fails to furnish the income tax return before deadline, he will be imposed a penalty of five thousand rupees, if the return is furnished …

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