ITR Filing 2025: 8 Crucial Disclosures You Must Make or Your Tax Return Could Be Rejected

For the financial year 2024–25, the last date to file your Income Tax Return (ITR) is 15 September 2025. Taxpayers who miss this deadline can still file their returns until 31 December 2025, but a late fee will apply. However, simply submitting the return is not enough—eight key disclosures are mandatory, and failing to provide them can lead to your ITR being treated as invalid or even attract penalties. Here is the complete list you must know before filing.

1. Foreign Assets (Schedule FA)

Residents of India must disclose details of any foreign bank accounts, shares, funds, insurance policies, ESOPs, real estate, or signing authority held outside India.

• If the value of such assets exceeds ₹20 lakh, non-disclosure can result in a ₹10 lakh penalty and 6 months to 7 years of imprisonment under the Black Money Act.

• For movable assets below ₹20 lakh (excluding property), penalties and prosecution may not apply.

2. Foreign Income (Schedule FSI)

You must provide a country-wise report of any income earned abroad, specifying the type of income, the amount earned, and any taxes paid overseas. Concealing this information can invite a ₹10 lakh penalty and prosecution, similar to foreign asset non-disclosure.

3. Cryptocurrency and NFTs (Schedule VDA)

If you have traded in cryptocurrencies or non-fungible tokens (NFTs), every transaction must be reported.

• Details required include purchase date, sale date, selling price, and acquisition cost.

4. Unlisted Equity Shares

Taxpayers who have held unlisted shares during the year must disclose:

• Company name, purchase and sale dates, number of shares, and cost of acquisition.
  Failure to report these details can trigger scrutiny or notices from the tax department.

5. Directorship Details

If you are a director in any company, you must declare your Director Identification Number (DIN), the company’s name, PAN, and whether the company is listed or unlisted. All companies where you hold directorship must be disclosed.

6. Assets and Liabilities (Schedule AL)

Individuals with a total income exceeding ₹1 crore must declare their movable and immovable assets, including:

• Real estate, jewellery, vehicles, shares, mutual funds, cash holdings, loans, and liabilities.
  These disclosures must match your capital gains statements and portfolio records to avoid mismatches.

7. Partnership in Firms (Schedule IF)

Partners in a firm must provide details such as the firm’s name, PAN, their role, profit-sharing ratio, salary, or interest arrangements. The information should align with the firm’s ITR-5 filing.

8. Bank Account & Verification

For processing refunds, taxpayers must:

• Pre-validate their bank account,

• Provide the correct IFSC code, and

• E-verify the ITR within 30 days of filing.
  Failure to e-verify will render the return invalid, even if submitted on time.

Penalties for Non-Compliance

Hiding foreign assets or income can invite serious consequences under the Black Money (Undisclosed Foreign Income and Assets) Act, 2015, including a ₹10 lakh fine for each undisclosed asset and up to seven years of imprisonment.
However, as per the Finance Act 2024, relief is available for movable assets worth less than ₹20 lakh if non-disclosure was unintentional. This exemption does not apply to real estate.

Key Takeaway

Filing your ITR on time is important, but accurate disclosure is critical. Make sure you declare all foreign holdings, digital assets, unlisted shares, and partnerships to avoid penalties, prosecution, or rejection of your tax return.