After the Income Tax Returns (ITR), here is another important duty that Indian citizens need to fulfil. Taxpayers who have not yet disclosed their assets held in foreign countries need to do so by December 31.
The Income Tax Department has issued a warning in this matter. Indiviudal failing to disclose their asset holdings in foreign lands will attract a fine of Rs 10 lakh. This penalty would be levied via the imposition of the anti-black money law.
As per the advisory issued by the IT department, these assets include bank accounts, contracts for cash value insurance or annuity, financial interests in any company or entity, real estate, custodial accounts, equity and debt interest, trusts in which a person serves as a trustee, settlor beneficiaries, accounts with singing authority, any capital asset, etc., held overseas.
In an informatory post on X, the department said, "The CBDT has launched a Compliance-Cum-Awareness Campaign for Assessment Year (AY) 2024-25 to assist taxpayers in accurately completing Schedule Foreign Assets and reporting income from foreign sources in their ITRs."
Furthermore, as part of this campaign, informational messages will be sent via SMS and email to resident taxpayers who have already submitted their ITR for AY 2024-25.
The goal of this mission, as per the department, is to remind and assist individuals who might not have included all Schedule Foreign Assets in their filed ITR for AY 2024–2025, particularly when high-value foreign assets are involved.
The final date to file a belated and revised Income Tax Return is December 31.
