If this information is not given by December 31, the Income Tax Department will impose a fine of Rs 10 lakh.

The Income Tax Department has urged Indian citizens to file the correct ITR form to disclose their foreign assets. If they have submitted an incorrect form, revise their return. The last date for filing revised ITR is December 31, 2024. The department has warned taxpayers that a penalty of up to Rs 10 lakh will be imposed on them if they do not disclose income earned from their foreign assets in ITR.

According to the department, two lakh income tax returns (ITRs) have been filed so far during the current assessment year, in which details of foreign assets and income have been given. Resident Indians are required to inform the Income Tax Department about shares received from their employers and income earned through employee stock options by filling the Foreign Source Income Schedule, a senior official said.

campaign started

The department recently issued a notification to inform taxpayers about correctly filling Scheduled Foreign Assets (Schedule FA) and Income from Foreign Sources (Schedule FSI) in their Income Tax Returns (ITR) for the assessment year 2024-25. -Co-awareness campaign has been started.

They have to fill the revised form

According to Shashi Bhushan Shukla, Commissioner (Investigation) in the CBDT, those who have such assets or income but have filed ITR-1 or ITR-4 will have to file the same till December 31 to avoid prosecution and penalties prescribed under the anti-black money law. 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 to correctly reflect Schedule Foreign Assets (Schedule FA), as per his tax profile.

What are foreign assets?

According to the department, it is mandatory for all Indian residents to declare their foreign assets. This may include real estate, bank accounts, shares, debentures, insurance policies or any other financial assets.