Income Tax: The Income Tax Department asks for the details of the income and property of every taxpayer (latest update for taxpayers). For this, taxpayers have to give many types of information to the department by filling ITR. Now, for hiding a particular type of information from the department, a fine of Rs 10 lakh will be imposed on the taxpayer. The Income Tax Department (IT department rules) has also issued a warning in this regard. Taxpayers need to know about this, otherwise a big problem can arise.

This information has to be given in ITR -

According to the Income Tax Department, it is necessary to disclose the property or income earned abroad in the income tax return. For not giving this information, a fine of Rs 10 lakh can be imposed on the person concerned. Hiding this income or property will be counted in the category of black money. It is very important to give this information in ITR for the assessment year 2024-25. This is what the Income Tax Department has to say-

The Income Tax Department has said in its consultancy letter that if any Indian resident living abroad has been involved in any activity related to tax in the country last year, then he is responsible for the tax liability in India. He will have to include the information on income and property earned abroad in the ITR.

Rules regarding foreign assets and income -

An Indian resident living abroad will have to disclose the income and property earned abroad in the ITR (ITR filling rules). If he does not provide this information in the ITR, he will have to pay a fine of Rs 10 lakh. The Income Tax Department has included bank accounts, cash value insurance contracts, income and business, real estate, equity, and loans, accounts with signature authority, custodian accounts, capital gains assets kept abroad, etc. in foreign assets (foreign assets rules). CBDT has also warned -

CBDT (Central Board of Direct Taxes) had said in this regard that SMS and emails will be sent to those Indian taxpayers living abroad who have already filed ITR (income tax return) for the assessment year 2024-25. Hiding information about foreign assets is counted in the category of crime.

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