The Income Tax Department has alerted taxpayers to file ITR for the financial year 2022-23. Delay in filing ITR may lead to penalty and taxpayers may also face notices. The Income Tax Department has asked those who have property, bank account or any kind of income abroad to disclose it in ITR. Those who do not do this may have to pay a fine of up to Rs 10 lakh.
Last date for filing ITR is 31 July
According to the Income Tax Department, the last date for filing ITR for the financial year 2022-23 is 31 July 2023, in which now less than 15 days are left. According to the Income Tax Department, a person with an annual income of Rs 3 lakh or more should file ITR. Relief has been given only to those who are exempted from the Income Tax Act.
Kind Attention: Holders of foreign bank accounts, assets, and income!
Please don’t forget to fill the Foreign Asset Schedule in your Income Tax Return (ITR) for Assessment Year 2023-24.
Please ensure you disclose all Foreign Assets (FA) and Foreign Sources of Income (FSI) if… pic.twitter.com/0l8CntCm9Q
— Income Tax India (@IncomeTaxIndia) July 14, 2023
Disclosure of foreign income received in ITR is mandatory The Income Tax Department has cautioned taxpayers who have assets or bank accounts abroad or receive any income from abroad, saying- Please note: Foreign bank accounts, properties and holder of income. Please do not forget to disclose foreign assets in your Income Tax Return (ITR) for Assessment Year 2023-24. Please ensure that you disclose all Foreign Assets (FA) and Foreign Sources of Income (FSI) if you have foreign bank accounts, or assets, or receive income from abroad.
10 lakh fine for hiding foreign assets
The Income Tax Department further said that the last date for filing ITR is 31 July 2023. Remember: Failure to disclose foreign assets/income can result in a penalty of Rs 10 lakh under the Black Money (Undisclosed Foreign Income and Assets) and Tax Act 2015.
