New Delhi: The Income Tax department is keeping a close watch on taxpayers who failed to report any income earned from abroad in their ITR filing. Taxpayers may be penalised under the Black Money Act if they fail to disclose foreign income. The Income Tax department on December 11, 2024, clarified to taxpayers on how to declare scheduled foreign assets in their ITR.
The last date for the declaration of foreign assets to the Income Tax department is December 31, 2024. Some of the taxpayers who may incur such penalties unwittingly may include salaried individuals who opened an account during on-site assignments abroad, the ET reported, citing Former Income Tax chief commissioner R Srinivasan.
ITR fine amount after Dec 31
If taxpayers fail to file their Income Tax return by December 31, 2024, they are likely to incur a Rs 5,000 fine. However, if they fail to file their ITR by December 31, 2024, the fine amount may rise to Rs 10,000 provided that it is filed by March 31, 2025.
Do you need to mention expensive gifts in ITR?
While filing their ITR, taxpayers must ensure that they report expensive gifts such as cash and gold. Taxpayers must also report if they were gifted real estate, paintings or other valuable items in the ITR. To be sure, taxpayers are not required to declare gifts valued below Rs 50,000.
Taxpayers may have to pay a fine of up to Rs 10 lakh if they fail to report foreign income by the end of December 2024. Income Tax department may fine them under the Black Money Act. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
