In an specific nudge to taxpayers citing compliance with world disclosure norms, the Revenue Tax Division has urged them to reveal particulars of overseas belongings and earnings accurately of their earnings tax returns and file revised returns by December 31, if there’s a requirement to replace the data.
The Division, it’s learnt, will even start an e-campaign within the subsequent few days to facilitate submitting of particulars of overseas belongings and earnings by taxpayers, a authorities official stated.
The marketing campaign is being launched with the purpose to achieve out to these taxpayers who haven’t disclosed particulars of their overseas earnings and belongings accurately of their earnings tax returns however the tax division has acquired details about them by way of numerous information-gathering and sharing agreements of India with different international locations, an official stated. “There’s substantial info being acquired from different international locations about possession of overseas earnings and belongings. This marketing campaign will present a window to taxpayers to reveal their info of overseas earnings and belongings accurately of their earnings tax returns,” the official stated.
The Revenue Tax Division has urged taxpayers that by making certain full transparency in tax returns, taxpayers can “keep away from authorized hassles and contribute to nationwide improvement”.
“You probably have not disclosed your overseas belongings and earnings in your authentic ITR, there is a chance to rectify this by way of submitting a revised return. The Revenue Tax Division permits taxpayers to appropriate any omissions or inaccuracies by submitting a revised return. For the AY 2024-25 revised return might be filed as much as 31.12.2024,” the Division stated in a word.
The small print about overseas belongings and earnings are shared between the international locations according to worldwide reporting frameworks such because the Frequent Reporting Normal (CRS) and the Overseas Account Tax Compliance Act (FATCA) aimed to deal with tax evasion by rising transparency and cooperation amongst tax authorities globally. Beneath CRS and FATCA, India receives detailed details about monetary accounts held by its residents in overseas jurisdictions, which incorporates account holder’s title, tackle, and tax identification quantity (TIN), account quantity and steadiness, earnings particulars equivalent to curiosity, dividends, and different monetary proceeds.
