Taxpayers must be vigilant about the details in ITR
2 years, 5 months ago

Taxpayers must be vigilant about the details in ITR

Live Mint  

A well-known policy objective of the government is to widen the tax base and bring unaccounted income and wealth to tax. The information being collected directly from taxpayers now includes details of directorships held, details of investment in unlisted equity shares and a separate Assets and Liabilities schedule, which is applicable where the total income of the taxpayer during the financial year exceeds ₹50 lakh. An individual who has invested in unlisted equity shares of a company is required to furnish details of name, type and PAN of the company, opening balance of the shares with cost of acquisition, details of shares acquired/ transferred during the year including date of subscription/purchase, face value per share, issue price per share and purchase price and closing balance of the shares with a cost of acquisition. Even though foreign assets are not required to be reported for such individuals, details of investment in unlisted equity shares outside India are still required to be reported. An individual qualifying as resident and ordinarily resident is required to report unlisted equity shares, doubly, here and in the schedule for foreign assets.

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History of this topic

Own foreign assets or income? Disclose now to avoid Rs 10 lakh penalty
5 days, 20 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 …

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 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 …

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