🟥 Foreign Income Disclosure Deadline: December 31, 2024
Ravi Agarwal, Chairman of the Central Board of Direct Taxes (CBDT), encourages taxpayers with foreign income or assets to rectify any omissions in their income tax returns before December 31, 2024. This initiative aims to enhance voluntary compliance and transparency among taxpayers.
Key Highlights
Opportunity to File Revised Returns
- Taxpayers can address discrepancies or omissions in their filings related to foreign assets or income.
- The deadline to file revised returns is December 31, 2024.
- Moreover, the department leverages data from the Automatic Exchange of Information system to detect inconsistencies.
Guidance for Taxpayers
- Detailed guidance notes clarify relevant tax laws, helping taxpayers navigate compliance requirements.
- Since many errors stem from ignorance or misunderstandings of tax laws, this window allows corrections without penalties.
Direct Tax Collection Update
- CBDT is on track to surpass its ambitious target of ₹22 lakh crore for FY 2024-25.
- So far, ₹12 lakh crore has already been collected, showcasing strong economic growth and improved taxpayer compliance.
Income Tax Lounges at IITF
- The Income Tax Department has expanded its services at the India International Trade Fair (IITF) in Delhi.
- These lounges offer taxpayer assistance and outreach programs, demonstrating the department’s commitment to accessibility and transparency.
- Ravi Agarwal, who initiated this concept in 2008, noted its growth from three kiosks to a comprehensive taxpayer lounge.
Key Takeaway for Taxpayers
Taxpayers with undisclosed foreign income or assets must act promptly to revise their returns by December 31, 2024. This ensures compliance while avoiding penalties.
