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 Important news for those filing income tax returns, CBDT has given this advice

Resident Indians are required to inform the Income Tax Department about the shares received from their employers and income earned through employee stock options by filing the Foreign Assets and Foreign Source Income Schedule, the CBDT official said.

According to the tax department, two lakh income tax returns (ITRs) have been filed so far during the current assessment year, giving details of foreign assets and income. The department has urged Indian residents to file the correct form to disclose foreign assets and revise their returns if they have submitted the wrong form. A senior CBDT official said that resident Indians should inform the Income Tax Department about shares received from their employers and income earned through employee stock options by filling the foreign assets and foreign source income schedule.

Campaign has been started

The tax department and its administrative authority Central Board of Direct Taxes (CBDT) has recently launched a compliance-cum-awareness campaign for the assessment year (AY) 2024-25 to enable taxpayers to correctly fill the schedule 'Foreign Assets' (Schedule FA) in the Income Tax Return (ITR) and disclose income from foreign sources (Schedule FSI). The tax department also organised 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 the various provisions of the subject and the provisions of the Anti-Black Money Act of 2015.

Advice to file by 31 December

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