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 to revise their ITR," said Bhawna Kakkar, a Delhi-based chartered accountant and founder, Kakkar & Company, Chartered Accountants. Kakkar said this information helps the tax department know the global income of its resident taxpayers and to identify taxpayers who may not have disclosed their foreign assets and income. Penalty for non-disclosure In a note sent to taxpayers and the email communication, the IT department said failure to disclose foreign assets and income can attract stringent penalties and prosecutions under the Black Money and Imposition of Tax Act, 2015.

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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 …

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 …

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 …

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 …

ITR filing: 'Over 5 crore returns filed so far this fiscal year', says Income Tax Department
4 months, 3 weeks ago

ITR filing: 'Over 5 crore returns filed so far this fiscal year', says Income Tax Department

India TV News  

The Income Tax Department on Saturday revealed that more than 5 crore Income Tax Returns have been filed on the e-filing portal so far this fiscal year. In a post on social media platform X, the IT Department said, "More than 5 crore ITRs for AY 2024-25 have already been received on the e-filing portal of the Income Tax Department …

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 …

ITR last date today: Over 6 crore returns filed. Support available 24x7, says IT dept
1 year, 4 months ago

ITR last date today: Over 6 crore returns filed. Support available 24x7, says IT dept

Hindustan Times  

ITR Filing 2023 LIVE Updates: July 31, the last date to file income tax returns for the financial year 2022-23, has arrived, and there is no hint or indication yet from the government on whether there will be an extension to the deadline. There is no hint from the govt yet on whether the deadline will be extended On Sunday, …

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 …

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 …

ITR filing for financial year 2020-21
3 years, 1 month ago

ITR filing for financial year 2020-21

India Today  

The Income Tax Return is an annual ritual for the citizens of India and the other taxpayers of the country. The majority of taxpayers must have filed an Income Tax Return whereas a certain ratio of them is yet to file the returns. The deadline to file an income tax return for FY 2020-2021 is for three months to December …

More than two crore ITRs filed on new income tax portal; CBDT urges taxpayers to file returns at earliest
3 years, 2 months ago

More than two crore ITRs filed on new income tax portal; CBDT urges taxpayers to file returns at earliest

Firstpost  

Asking taxpayers to file their income tax returns for fiscal 2020-21 at the earliest, the Central Board of Direct Taxes said all ITRs have been made available for e-filing. New Delhi: The income tax department on Thursday said more than two crore ITRs for the financial year 2020-21 have been filed so far and the performance of the new I-T …

Income Tax Returns: Over 5.27 crore ITRs filed for fiscal 2019-20 till Jan 7
3 years, 11 months ago

Income Tax Returns: Over 5.27 crore ITRs filed for fiscal 2019-20 till Jan 7

India TV News  

More than 5.27 crore income tax returns for fiscal year 2019-20 have been filed till January 7, the Income Tax Department said on Friday. "More than 5.27 crore Income Tax Returns for AY 2020-21 have already been filed till 07th of January, 2021," the Income Tax Department said in a tweet. About 2.8 crore ITR-1 returns have been filed till …

Over 4.84 crore Income Tax Returns for 2019-20 Filed Till Dec 31, Says IT Dept
3 years, 11 months ago

Over 4.84 crore Income Tax Returns for 2019-20 Filed Till Dec 31, Says IT Dept

News 18  

Over 4.84 crore income tax returns for fiscal year 2019-20 have been filed till December 31, 2020, the Income Tax Department said on Friday. ”Over 4.84 crore Income Tax Returns for AY 2020-21 have already been filed till 31st of December, 2020,” the Income Tax Department tweeted. Over 2.65 crore ITR-1 have been filed till December 31, 2020, lower than …

Income Tax Returns: Over 4.54 crore ITRs filed for fiscal 2019-20 till Dec 29
3 years, 11 months ago

Income Tax Returns: Over 4.54 crore ITRs filed for fiscal 2019-20 till Dec 29

India TV News  

With just two days left for the deadline for individuals to file income tax returns to end, the IT department on Wednesday said more than 4.54 crore tax returns for 2019-20 fiscal have been filed till December 29. "More than 4.54 crore Income Tax Returns for AY 2020-21 have already been filed till 29th of December, 2020," the I-T department …

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 …

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