Income Tax Department: The Income Tax Department has requested Indian citizens to file proper ITR forms to report foreign assets. Amend your return if they have submitted an incorrect form. The last date for filing revised ITR is December 31, 2024. The department has warned taxpayers that if they do not declare the income from their foreign assets in the ITR, a fine of up to Rs 10 lakh will be imposed on them.
According to the department, two lakh income tax returns (ITRs) giving details of foreign assets and income have been filed so far during the current assessment year. The last date for filing revised ITR is December 31, 2024. The department has warned taxpayers that if they do not give information about income earned from their foreign assets in ITR, they will face a penalty of up to Rs 10 lakh.
campaign launched
The department has recently launched a drive to assess the Income Tax Returns (ITR) of taxpayers for 2024-25.
According to CBDT Commissioner (Investigation) Shashi Bhushan Shukla, those who have such assets or income but have not filed ITR-1 or ITR-4 will have to file ITR-1 or ITR-4 to avoid prosecution and penalties prescribed under the Anti-Black Money Act by December 31. will have to do this until , Amended or delayed returns have to be filed.
Which form should taxpayers fill?
According to the department, the taxpayer should use ITR-2 or ITR-3 as per his/her tax profile to reflect Scheduled Foreign Assets (Schedule FA) correctly.
