The Income Tax Department has issued a reminder regarding the penalties associated with failing to disclose Foreign Assets and Foreign Sources of Income in the Income Tax Return (ITR) filing. According to the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, individuals who do not disclose such information may be subjected to a penalty of Rs. 10 Lakhs.
The due date of filing ITR is 31st July 2023. The foreign assets, foreign income or foreign account holders have to fill the Foreign Asset Schedule while filing the ITR for the Assessment Year 2023-24 in order to avoid the penalty and other consequences.
The Department says “Please don’t forget to fill the Foreign Asset Schedule in your Income Tax Return (ITR) for Assessment Year 2023-24. Please ensure disclose all Foreign Assets (FA) and Foreign Sources of Income (FSI) if you possess foreign bank accounts, or assets, or receive income from abroad.”
Read More: ITR Filing due date nearing: All you need know about Income Tax Refund
The due dates to be noted are:
Read More: 25 Days to go: Check important ITR Filing Dates
The Income Tax Department has granted an exemption to NRIs from linking their PAN with Aadhaar if they have already updated their NRI status with the department. If you have not yet informed the income tax department about your NRI status, it is advised to do so without delay.
Read More: Attention NRIs: Know the Consequences of Non-Linking of Aadhaar with PAN
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