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Foreign Income Disclosure: What You Need to Know About the Department’s Latest Advisory
Category: Income Tax, Posted on: 26/11/2024 , Posted By: CA Sunil Arora
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Public advisory issued by the department as part of compliance-cum-awareness campaign regarding disclosure of Foreign Income Assets.

  • The taxpayers who have not disclosed their foreign income or foreign assets in their ITR have final opportunity to disclose the same by filing the Revised Return by 31st December,2024 which is the due date to file Revised Return for the A.Y. 2024-25.

Note – Foreign assets include foreign bank account, foreign cash value insurance, financial interest in any business/entity, immovable property outside India, foreign equity or debt interest, accounts in which a taxpayer has signing authority, and any other capital assets.

  • Failure to do so will attract the penalty of Rs. 10 lakh under anti-black money law.

  • The Income Tax Department gets all information regarding the foreign assets from different nations under automatic exchange of information. The department reconcile this information with the disclosure made by the taxpayers in their filed ITR’s.

  • As part of compliance-cum-awareness campaign, the department will send “information” SMS and emails to the taxpayers who have already filed their ITR for the A.Y. 2024-25.

  • Please ensure that you make proper disclosure of any foreign assets/income in your ITR as non-compliance may lead to serious repercussions. Please feel free to contact our team for necessary compliance or further clarification in this regard.


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