look news india
Income Tax: The Income Tax Department has given a strict warning to the taxpayers. A fine of up to Rs 10 lakh can be imposed for concealing foreign assets or earnings. This rule comes under the law made to stop black money. This warning has also been issued so that all taxpayers fill all the information correctly in their Income Tax Return (ITR) for the financial year 2024-25. The department wants people to follow the rules of paying taxes and understand them well. It is also important for you to know what is considered foreign property? According to the Income Tax Department, any citizen of India who has a bank account, insurance policy, stake in companies, immovable property, custodial account, shares, loan, trust or any other capital asset abroad must report the full amount of the foreign asset or income in his ITR. Details will have to be given. This rule applies to all those whose income is below the tax limit or whose assets are acquired from declared sources.
What has CBDT said?
The Central Board of Direct Taxes (CBDT) has clearly stated that if any person conceals information about foreign assets or income, he can be penalized under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. Could.
Under this campaign, CBDT will send SMS and email to all those who have submitted their ITR for assessment year 2024-25. These messages will specifically include those who are likely to have overseas accounts or assets or who receive income from foreign sources under bilateral and multilateral agreements.
What is the objective of this campaign?
The objective of this campaign is to remind and guide people, especially those who have high value foreign assets, to correctly fill the Foreign Assets Schedule in their ITR. The last date for filing late or updated ITR is December 31, 2024. Remember, it is your responsibility to provide accurate and complete information. Failure to do so may result in legal action.
