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Income Tax Notice: Have you filed your Income Tax Return (ITR)? If yes, then stop and think – have you hidden any money deposited abroad, any small investment or any property? If the answer is ‘yes’, then this news is an alarm bell for you.
The Income Tax Department has now become very strict. A special list has been prepared of those taxpayers who have not given details of foreign assets in their returns. The department has put it in the ‘high-risk’ category and 28th November (tomorrow) Preparations are underway to send notices to these people.
Let us understand in simple language what the whole matter is and what you should do.
SMS and email phase will start from tomorrow
The Income Tax Department has made it clear that they are starting a special campaign from November 28. Messages will be sent to the registered mobile numbers and emails of those who have hidden their foreign earnings.
The only time to worry is when you ignore this message. The aim of the department is not to send you to jail, but to give you a chance. The message will advise that 31 December 2025 Till then you can file your return (Revised ITR) again and correct your mistake. If you do this, you will be saved from any legal trouble or penalty.
How does the government know your ‘secret’?
Perhaps you may wonder how the government will see the money or shares lying abroad? But don’t be under any misconception. Today’s system is very high-tech.
The Government of India has a system called ‘Automatic Exchange of Information’ (AEOI). Under this there are agreements with many countries around the world. If you have a bank account abroad, an insurance policy, money in the stock market or any property, then those countries automatically send this data to the Indian government. When the Income Tax Department matches the ITR filled by you and the data received from abroad and finds a discrepancy, it immediately issues a notice.
Thousands of people were arrested last year
Let us tell you that this is not the first time. Last year also the department had launched a similar campaign and it was resoundingly successful.
At that time, after receiving the data, more than 24,000 people had accepted their mistake and corrected their ITR. Believe me, at that time Rs 29,000 crore Foreign assets worth more than Rs. Seeing this success, the government is now implementing it more strictly.
It will be very expensive to hide!
If a taxpayer does not disclose his foreign assets even after receiving the notice, the consequences can be dire. It is considered a crime under the Income Tax Act and ‘Black Money Act 2015’. In such a situation, not only huge tax and interest may have to be paid, but also a fine of up to Rs 10 lakh and in serious cases, there may be a possibility of going to jail.
our advice
The Income Tax Department says that they want people to pay taxes honestly. So if you get any such message after November 28, do not be afraid. Check your ITR directly and file revised ITR before 31st December. It is better to ‘tell’ than ‘to hide’, this is for the benefit of you and your family.