New Delhi: The income tax deadline for the financial year 2023-24 is July 31. Those who fail to file their income tax return before the deadline will be charged a penalty. Even if you file your ITR on time and e-verify it within 30 days, you may have to pay a penalty if you fail to disclose the specific source of income.
Taxpayers are required to disclose details of any foreign bank accounts, assets and income they hold. They will have to fill Foreign Assets Schedule in Income Tax Return (ITR) for Assessment Year 2023-24 and disclose all foreign assets (FA) and foreign source of income (FSI).
This should be completed by 31 July 2023 for the assessment year 2023-24. Taxpayers who fail to comply with this requirement will be fined Rs 10 lakh under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
cre trending stories
Who needs to file Foreign Assets Schedule in ITR?
If you are a tax resident of India in the previous year and have foreign assets or bank accounts, or have earned foreign income during the previous year.
Who else needs to fill it?
Resident Indian has to file foreign asset schedule for foreign assets held till 31st December 2022, even if:
You have no taxable income or your income falls within the basic exemption limit.
The same information is captured in another schedule (such as Schedule AL).
Foreign assets are created/acquired from disclosed sources of foreign or domestic income.
Please note: Holders of foreign bank accounts, assets and income!
Please fill Foreign Assets Schedule in Income Tax Return (ITR) for Assessment Year 2023-24 and disclose all Foreign Assets (FA)/ Foreign Source of Income (FSI) if you have foreign bank accounts, assets or income.… pic.twitter.com/LwntoNj8jj– Income Tax India (@IncomeTaxIndia) 18 July 2023
What are Foreign Assets (FA)?
Foreign Bank Accounts.
Foreign equity and debt.
Financial interest in any entity/business.
Immovable property.
Any other foreign asset specified in Schedule FA.
Other requirements include:
Foreign Custody Account.
Foreign cash value insurance contract or annuity contract.
Signing authority on the account(s).
A name as a trustee, beneficiary or settlor in trusts outside India.