New Delhi: The income tax deadline for Fiscal year 2023-24 is July 31st. Those who fail to file the Income tax returns before the deadline will be charged a penalty. Even if you file your ITR on the time and e-verify the ITR within 30 days, you might face a penalty if you fail to disclose one kind of source of income.
Tax payers must have to disclose the details of foreign bank accounts, assets and income if they have any. They have to fill the Foreign Asset Schedule in the Income Tax Return (ITR) for A.Y. 2023-24 and disclose all Foreign Assets (FA)/ Foreign Source of Income (FSI).
It must be completed for assessment year 2023-24: 31st July, 2023. Taxpayers will attract a penalty of Rs 10 Lakh, under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
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Who Needs To File Foreign Asset Schedule In ITR?
If you are a tax resident of India in the previous year and own foreign assets or bank accounts, or have earned foreign income during the previous year.
Who Else Need To Fill It?
A resident in Indian must fill foreign asset schedule, for the foreign assets held as on December 31st 2022 even if:
You don’t have any taxable income or your income falls within basic exemption limit.
Same information is captured in any other schedule (like schedule AL).
The Foreign Asset is created/acquired from disclosed sources of foreign or domestic income.
Kind Attention: Holders of foreign bank accounts, assets & income!
Please fill the Foreign Asset Schedule in the Income Tax Return (ITR) for A.Y. 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) July 18, 2023
What are the Foreign Assets (FA)?
Foreign Bank Accounts.
Foreign Equity and debt.
Financial interest in any entity/business.
Immovable property.
Any other foreign assets prescribed in Schedule FA.
Other requirements Include:
Foreign custodial account.
Foreign cash value insurance contract or annuity contract.
Account (s) signing authority.
A name as a trustee, beneficiary or settlor in trusts, outside India.
