Income tax department advises taxpayers to carefully review their foreign income, assets in ITR
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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 taxpayers about the need to accurately report their foreign income and assets in their Income Tax Returns. He said that Income Tax Department has provided a detailed step-by-step guide in the ITR form, specifically in the "Foreign Assets and Income" schedule, where taxpayers can report their foreign income and 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 …

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 …

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 …

Income Tax Return filing | Last date, details on new forms & complete checklist
2 years, 5 months ago

Income Tax Return filing | Last date, details on new forms & complete checklist

Hindustan Times  

Income Tax return filing for Assessment Year 2022/23 is now available on the government's e-filing portal. As per Income Tax Act provisions, the last date to file ITR for AY 2022/23 is July 31, 2022. Representative image ITR filing for AY 2022/23 | What's new and how to file income tax returns: New forms: The income tax department has notified …

Income Tax return: New ITR forms explained
2 years, 8 months ago

Income Tax return: New ITR forms explained

India Today  

Income taxpayers must take note that new ITR forms have been notified by the finance ministry for the Assessent Year 2022-23. The ITR forms seek additional information with regard to overseas retirement benefits and interest accrual on provident fund deposits exceeding Rs 2.5 lakh a year. "For individuals being a resident having total income upto Rs.50 lakh, having Income from …

Income Tax Department notifies ITR forms | Check details
2 years, 8 months ago

Income Tax Department notifies ITR forms | Check details

India Today  

The Income Tax department has notified forms for filing Income Tax returns for financial year 2021-22. ITR FOMR 3, 5 ITR-3 is filed by people having income as profits from a business/ profession, while ITR-5 is filed by a corporate body limited liability partnership. While the ITR-1 form has been kept broadly the same as last year, the new addition …

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: Check Revised Instructions for Form 2,3,5,6,7
4 years ago

Income Tax Returns: Check Revised Instructions for Form 2,3,5,6,7

The Quint  

To help taxpayers and make income tax filing experience smooth, the Income Tax Department has made significant changes to the taxation structure. Below are the form-wise instructions issued by the Income Tax Department to fill the ITRs: ITR-2 Eligibility – For an Individual or HUF not eligible to file ITR-1 and not having income from business or profession. ITR-3 Eligibility …

Taxability depends on the source of income
4 years, 3 months ago

Taxability depends on the source of income

Live Mint  

I have been living in London since 2001. Basic conditions: Physical presence in India during the relevant FY is 182 days or more; or Physical presence in India during the relevant FY is 60 days or more and 365 days or more in the preceding 4 FYs; or An Indian citizen if he is not liable to tax in any …

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