Income Tax : According to the Tax Department, two lakh income tax returns (ITRs) giving details of foreign assets and income have been filed so far during the current assessment year (AY 2024-25 and FY 2023-24). The department has urged Indian residents to file the correct form to provide information about foreign assets and revise their returns if they have submitted the wrong form.

The campaign was launched.

A senior CBDT official said resident Indians are required to report to the income tax department about their income and shares received from their employers through employee stock options by filing the foreign assets and foreign source income schedule.

The tax department and its administrative authority Central Board of Direct Taxes (CBDT) recently launched a compliance-cum-awareness drive for Assessment Year (AY) 2024-25 to educate taxpayers about correctly filling up schedule 'Foreign Assets' (Schedule FA) and income from foreign sources (Schedule FSI) in their Income Tax Returns (ITR).

Organizing online sessions

The department also organized an online interaction session on the topic 'Disclosure of foreign assets and income by taxpayers'. During this, Shashi Bhushan Shukla, Commissioner (Investigation) in CBDT explained various provisions of the subject and the provisions of the Anti-Black Money Act of 2015.

He said that those who have such assets or income but have filed ITR-1 or ITR-4 should file revised or delayed returns by December 31 to avoid penalties and prosecution as prescribed under the anti-black money law.