The Income Tax Department on July 14, 2023, issued a reminder to holders of Foreign Bank accounts, assets, and income.
The following has been stated namely: -
• A reminder was issued to fill the Foreign Asset Schedule in the Income Tax Return (ITR) for Assessment Year 2023-24.
• The holders of said assets and incomes should ensure that all Foreign Assets (FA) and Foreign Sources of Income (FSI) are disclosed.
• The Failure to disclose foreign assets/income can result in a penalty of Rs.10 Lakh under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
• The Due Date is July 31, 2023.
Disclaimer: No official Notification has been issued as of yet
