Quick Summary
Ravi Agarwal, Chairman of the Central Board of Direct Taxes (CBDT), has called on taxpayers with foreign income or assets to take advantage of the current window to amend discrepancies in their income tax returns. Speaking at the inauguration of the Income Tax Department's lounge at the India Intern
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FAQ :
The deadline for taxpayers to file revised returns and address any discrepancies related to foreign income or assets is December 31, 2024.
The CBDT uses the Automatic Exchange of Information (AEOI) system, which provides regular updates on foreign assets and income, to match with taxpayers' returns and identify any gaps.
Taxpayers with undeclared foreign income or assets should take advantage of the current window to review their income tax returns and file a revised return by December 31, 2024, to rectify the omissions.
Yes, the CBDT has issued detailed guidance notes on relevant tax laws to assist taxpayers in rectifying omissions in their foreign income declarations.
The CBDT's message encourages voluntary compliance and aims to sensitise taxpayers about any discrepancies, highlighting the importance of reviewing and revising filings to ensure full compliance with tax laws.
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