ITR deadline in Dec: Report foreign income, assets or you may face penalty of Rs 10 lakh; check details

ITR deadline in Dec: Report foreign income, assets or you may face penalty of Rs 10 lakh; check details

ITR filing: Taxpayers with foreign income or assets must disclose them by December 31, 2024, to avoid penalties under the Income Tax and Black Money Acts. The Income Tax Department has outlined the necessary steps for taxpayers to meet this obligation. Previously, the Income Tax Department underscored the significance of reporting assets held overseas or income … Read more

Foreign assets in ITR: File a belated return to avoid Rs 10 lakh penalty. Know why it is crucial

Foreign assets in ITR: File a belated return to avoid Rs 10 lakh penalty. Know why it is crucial

Declaration of foreign assets: If foreign assets were not declared in the original Income Tax Return (ITR) filed for AY 2024-25, a revised return must be filed by December 31, 2024. Failure to do so could result in a penalty of up to Rs 10 lakh, according to a recent advisory from the Income-Tax Department. … Read more

ITR AY2024-25: CBDT launches campaign for taxpayers to report income from foreign sources

ITR AY2024-25: CBDT launches campaign for taxpayers to report income from foreign sources

Black Money and Income tax return: The CBDT has launched a Compliance-Cum-Awareness Campaign for Assessment Year 2024-25 to support taxpayers in accurately completing Schedule Foreign Assets (Schedule FA) and reporting income from foreign sources (Schedule FSI) in their Income Tax Returns (ITR). Compliance with Schedule FA and FSI is compulsory under the Black Money (Undisclosed … Read more

Black money: CBDT issues clarification on income-tax clearance certificate. Check details

Black money: CBDT issues clarification on income-tax clearance certificate. Check details

The Central Board of Direct Taxes (CBDT) on Tuesday clarified that all Indian citizens are not required to obtain an income-tax clearance certificate (ITCC) before travelling to other countries. The statement was issued after an amendment was made to the Income Tax Act 1961 through the Finance Bill 2024, wherein the Black Money Act has been … Read more

Income tax clearance mandatory to leave India? Centre issues a clarification. Here’s what it says

Income tax clearance mandatory to leave India? Centre issues a clarification. Here’s what it says

The Central Board of Direct Taxes (CBDT) has issued a  clarification regarding Section 230 of the Income Tax Act, 1961 over reports that claimed a mandatory tax clearance was needed before leaving the country.  Responding to the reports, which created a significant stir, the CBDT said Section 230 does not mandate every individual domiciled in … Read more