Income Tax department finds ₹22,000 worth undeclared foreign assets in a special drive: Report | Mint
Source: Live Mint
The Income Tax (I-T) department has reportedly found ₹22,000 crore during a drive against foreign assets, reported Economic Times.
This was part of a drive launched last November based on the information received under bilateral and multilateral agreements and foreign remittance data.
The income tax department has said that it has identified people with undisclosed foreign accounts or assets or foreign sourced income and sent notices to taxpayers who had filed their income tax returns without declaring these assets or income such as land and dividends.
Was this a successful drive?
This was a very successful drive and taxpayers revealed foreign assets and income worth ₹22,000 crore and what was heartening was that many taxpayers themselves reached out to us, ET wrote quoting an official
How was the information collected?
CBDT, in this year’s action plan, asked its field formations to start the verification process and scrutiny of Form 15CC, a quarterly statement of overseas remittances filed by authorised dealers.
The field officials were also supposed to analyse data received through automatic exchange of information and to prepare a list of high-risk cases based on scrutiny of data from fiscal 2020-21.
When did I-T department start campaign?
Eventually, they shared the list by Oct 1 last year. Once the data came, the Board started a compliance-cum-awareness campaign in Nov 2024 to assist taxpayers in accurately reporting their income from foreign assets under Schedule Foreign Assets in their income tax returns (ITR).]
It is imperative for the taxpayers to reveal foreign assets and income under the Black Money and Imposition of Tax Act 2015. If someone fails to do so, it may result in penalties of upto ₹10 lakh.
The department carried out non-intrusive exercise and notices were sent only in cases where there was no response to email or SMS, the official said.
The CBDT also gave another 15 days’ extension for the taxpayers who were required to file a report for international transactions.
