Face Rs 10 lakh fine for hiding this!

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As the deadline for filing Income Tax Return appraoches, taxpayers have begun filing returns in  a rush. Till July 19, more than 3 crore ITRs have been filed. Last year this figure was achieved on 26 July. In the rush to file ITR in a hurry, many people make small mistakes. In view of these, the Income Tax Department has alerted the income tax payers. The department says that hiding some information while filing income tax return may result in a fine of up to Rs 10 lakh. The Income Tax Department has given information about this through a tweet. The department has also said that the last date for filing income tax returns for the assessment year 2023-24 is July 31, 2023, which will not be extended.

While filing income tax return, you have to mention all the required information. In a financial year, it is mandatory to give information about your income and sources of income. Apart from this, it is also necessary to mention your property and income from it, bank account abroad, property and income from it. If you hide any of these information to save tax, then you may have to pay a heavy penalty.

I-T info The Income Tax Department has tweeted, ‘Please note: Foreign bank accounts, property and income holders! If you have foreign bank accounts, assets or income, please fill the Foreign Assets (FA)/Foreign Source of Income (FSI) schedule in your Income Tax Return (ITR) for Assessment Year 2023-24. Last date for filing income tax return for the assessment year 2023-24: 31st July, 2023.’

The department has said that if you are a resident of India in the previous financial year, you have foreign assets or foreign bank accounts or you have earned foreign income during the previous year, then this information has to be given while filing the return. The Income Tax Department has said that if someone does not give such information, he can be fined Rs 10 lakh under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

Foreign property The Income Tax Department has said that the resident of India will have to fill the foreign property column for the foreign property owned by him by December 31, 2022. Even if your income is not taxable, you still need to inform the Income Tax Department about it. Even if you have not earned income from foreign property, but you must necessarily give its information.

Foreign assets include – Foreign Bank Accounts – Foreign Equity and Debt – Shareholding in any entity/business – Immovable property – Any other capital asset – any other foreign asset specified in Schedule FA