Revise ITR to Show Foreign Assets or Face Rs. 10 Lakh Penalty! Income Tax Dept warns Taxpayers

The Income Tax Department warned taxpayers to revise their Income Tax Returns (ITR) to include foreign assets or face a penalty of Rs 10 lakh. This warning is part of the department’s efforts to ensure compliance with the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The department emphasized the importance of accurate reporting of foreign assets and income in Schedule FA and Schedule FSI of the ITR. Taxpayers who fail to disclose their foreign assets and income may face severe penalties, including prosecution. The department urged taxpayers to take advantage of the Compliance-Cum-Awareness Campaign launched by the Central Board of Direct Taxes (CBDT) to assist them in accurately completing their returns. This initiative aims to promote voluntary compliance and transparency in the reporting of foreign assets and income.