Business

Failed to disclose foreign assets in ITR? Income Tax department may message you soon

By News Update

New Delhi: The Income Tax department said on Saturday that it is preparing to send messages to taxpayers who failed to disclose foreign assets held by them while filing their Income Tax returns. The last date for ITR Filing for the assessment year (AY) 2024-25 was July 31, 2024. The outreach is part of the Income Tax Department’s Compliance-Cum-Awareness Campaign for AY25.

Taxpayers are required to complete the Schedule Foreign Assets (Schedule FA) section as well as the Schedule FSI section in ITR forms. The Central Board of Direct Taxes (CBDT) will send SMSes and emails to taxpayers residing in India who have already filed their ITRs for AY25, according to an official statement.

Who is under tax department’s lens?

The I-T department has compiled a list of taxpayers whom they will message. The data was gathered under the provisions of bilateral and multilateral agreements from the Automatic Exchange of Information (AEOI), CBDT said. People will be contacted if they have been found to hold undeclared foreign accounts or assets. Taxpayers who received income from abroad will also be contacted by the tax department.

To be sure, the Income Tax department is only reaching out to taxpayers to guide them with the tax filing process. There may have been forms that were left incomplete by taxpayers while filing their ITRs. Those who failed to complete the Schedule Foreign Assets in their ITRs, especially in cases related to high-value foreign assets, will be contacted by the I-T department.

Last date for ITR filing

The I-T department on October 26, 2024, notified that the last date for filing ITRs for AY25 under section 139(1) of the I-T Act has been extended to November 15, 2025, from October 31, 2024.

News Update 2750 posts 0 comments
You might also like More from author

Comments are closed.