Income Tax Return Rules: Do not hide these important things while filing ITR, otherwise you will be fined Rs 10 lakh

Income tax rules: The Income Tax Department has implemented a new strict rule regarding taxpayers. Every tax payer has to give complete information about his income and property in the Income Tax Return (ITR). 

Now if a taxpayer hides a certain information, then he can be fined up to Rs 10 lakh. The Income Tax Department has given a clear warning regarding this, it is very important for tax payers to know this information, otherwise there can be big trouble later. Therefore, all taxpayers are advised to fill the complete information correctly while filling ITR and do not hide anything.

Now it is necessary to give this information in ITR

The Income Tax Department has made it clear that now it is very important to give information about income and property held abroad while filing ITR. If a taxpayer hides this information, he can be fined up to Rs 10 lakh.

What information will have to be given?

If you have bought any property abroad or are earning any income from there, then it is necessary to declare it in ITR. This rule is applicable from assessment year 2024-25.

What did the Income Tax Department say?

The Income Tax Department says that Indian residents who are living abroad but are doing any tax-related activity in India, will have to give complete information about their foreign income and assets to the Government of India.

What information will have to be given?

While filing ITR, if you have any property or income abroad, then it is necessary to give its complete information. This includes- bank account opened abroad, insurance policy, income received from there, land or house purchased, shares, loan or any other type of investment. 

Apart from this, if you have signature rights on any foreign bank account or you have sold any property from which capital gain has been made, then you will also have to give its information in ITR. Hiding all these things can lead to a fine of up to Rs 10 lakh by the Income Tax Department.

CBDT has also issued a warning

The Central Board of Direct Taxes has also already warned the taxpayers about this. If any person hides the information, he will be fined heavily and may also face legal action. 

CBDT has informed that Indian taxpayers who live abroad and have already filed ITR for the assessment year 2024-25 will be informed through SMS and email. 

If someone has not given information about foreign assets in ITR, it will be considered a crime. Hiding foreign income or property is wrong under the law and can attract heavy penalty.