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Deadline to declare foreign assets in ITR Ends January 15, 2025
Foreign assets in ITR: Indian residents must report their foreign assets and income in their income tax returns (ITRs) in accordance with the Indian Income-tax Act, 1961. The Indian government and its law enforcement agencies get detailed information about financial accounts held by Indian residents in foreign countries through two sources.
The Indian government and its law enforcement agencies get detailed information about financial accounts held by Indian residents in foreign countries through two sources. The information includes: (i) Account holder's name, address, and tax identification number (TIN); (ii) Account number and balance; (iii) Details of foreign income such as interest, dividends, and other financial proceeds.
ITR Filing Deadline: Income Tax Department extends belated, revised ITR filing deadline to January 15, 2025 for these taxpayers
FATCA and CRS are the two sources of information that help the Indian income tax department to know the global income of its resident taxpayers. This also helps the department identify taxpayers who may not have disclosed their foreign assets and income.
CRS stands for the Common Reporting Standard and FATCA stands for the Foreign Account Tax Compliance Act. Both these are international frameworks designed to combat tax evasion by increasing transparency and cooperation among tax authorities worldwide, according to an advisory published on the income tax website on January 2, 2025.
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