??Don't Let Foreign Assets Bite??
Harinder Kumar Sahu
Founder of KingResearch Academy. Experienced Stock Market Trainer, Strategy Maker, and Investor. Passionate about empowering individuals with knowledge and skills to succeed in the financial markets.
The Income Tax Department has issued a stern warning:
?? failure to disclose foreign income or assets in your Income Tax Return (ITR) could lead to a hefty ?10 lakh penalty.
What Counts as Foreign Assets?
??Foreign assets encompass a wide range of holdings, including:
??Bank accounts
??Properties
??Investments
??Trusts
??Capital gain assets
Why the Strict Enforcement?
?? The Black Money Act, 2015, aims to ensure complete transparency in financial dealings. By mandating the disclosure of foreign assets, the government seeks to curb tax evasion and illicit financial flows.
Deadline Alert:
?? Don't Miss the Boat
The deadline for filing belated or revised ITR for the assessment year 2024-25 is fast approaching on December 31st.
If you have undisclosed foreign income or assets, now is the time to take action.
Taxpayers on the Radar
Individuals identified through international agreements will receive SMS or email reminders to comply with the disclosure requirements.
If you fall into this category, it's crucial to fill out the Foreign Assets (FA) or Foreign Source Income (FSI) schedule in your ITR.
Proactive Compliance:
?? A Wise Choice
Don't wait until the last minute. By filing your ITR correctly and disclosing all relevant information, you can avoid potential penalties and legal complications.
Remember, transparency is key to a smooth tax filing process.