Taxpayers Big Update! Income tax department issued new order regarding ITR filers


Income Tax Update: The last date for filing income tax return is getting closer. The last date for filing personal income tax return has been set as 31 July 2023. At the same time, it is necessary to disclose the income of the financial year 2022-23 by this date.

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On the other hand, the Income Tax Department says that till now more than three crore income tax returns have been filed. Along with this, the Income Tax Department has also made a special announcement, about which it is very important for people to know.

Income tax return

Actually, while filing income tax return, people have to give information about their income. It is very important to give the details of the means through which people have earned in the financial year. Along with this, the Income Tax Department has said to take care of important things for foreign bank account, property and income holders as well.

The Foreign 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.’

Black money

On the other hand, the Income Tax Department has told that if someone fails to give such information, a fine of Rs 10 lakh can be imposed under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. In this case, if you are a resident of India in the previous year, you have foreign assets or bank accounts or you have earned foreign income during the previous year… those people have to give this information in ITR.

Foreign assets

While there, note that the resident in India will have to fill the foreign asset schedule for the foreign assets owned by him till 31 December 2022. Even if you do not have any taxable income or your income comes under the basic exemption limit. Whether this information is entered in any other schedule (like Schedule AL), foreign asset arising/acquired from disclosed sources of foreign or domestic income.

Foreign Assets (FA) include

– – Foreign bank accounts
– Foreign equity and debt
– Financial interest in any entity/ business
– Immovable property
– Any other capital asset
– Any other foreign assets specified in Schedule FA

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