Income Tax Tips: Don't make this mistake while filing ITR, Income Tax Department appeals..

The Income Tax Department has asked all taxpayers to provide information about their foreign assets along with their income tax returns. Department officials said that all taxpayers should file the correct form to provide information about foreign assets and if they have submitted the wrong form, then correct their returns. According to the tax department, during the current assessment year, so far two lakh people have filed ITR with foreign assets.

CBDT officials said that all Indians who pay income tax. And they went abroad to earn business. If they have properties abroad, then all those people will have to file an ITR with their details. Apart from this, if any company has given you shares while working abroad, then you will also have to give information about that to the Income Tax Department.

Compliance-cum-Awareness Program

The Income Tax Department and CBDT have recently launched a Compliance-cum-Awareness Campaign for AY 2024-25 to inform taxpayers about the correct filling of Schedule 'Foreign Assets' (Schedule FA) in their Income Tax Returns (ITR) and income from foreign sources. The Income Tax Department also organized an online interaction session on the topic 'Disclosure of Foreign Assets and Income by Taxpayers'. During this, Commissioner (Investigation) in CBDT Shashi Bhushan Shukla explained the various provisions of the subject and the rules of the Anti-Black Money Act of 2015. He said that if the income tax return is not filed on time, then what punishment can be given under this law and how much penalty can be imposed?

He said that those who have such property or income, but have filed ITR-1 or ITR-4, should file ITR before 31 December 2024 to avoid the punishments prescribed under the Anti-Black Money Act.