What You Need to Know About the Foreign Assets Alert
The Income Tax Department has warned about 25,000 taxpayers to review and revise AY 2025-26 returns for foreign assets and income by December 31, 2025. Non-reporting can lead to a 10 lakh fine and up to 300% penalty. Last year’s drive led to major disclosures. Act now to stay compliant.
Tax alert: did you forget to report foreign assets?
Tax alert: did you forget to report foreign assets?
The Income Tax Department has flagged about 25,000 taxpayers who may not have reported foreign assets or income in their AY 2025-26 returns. These individuals will get SMS and email alerts.
What you should do
- Check your SMS/Email: If you’re on the list, you’ll get a notice.
- Act fast: Revise your tax return by December 31, 2025 to avoid penalties.
Why it matters
- Data checks: The government used global data-sharing systems (CRS, FATCA) to find missing reports.
- If you don’t report: You face a ₹10 lakh fine plus up to 300% penalty under the Black Money Act.
- If you do report: You can correct your return and avoid harsh punishment.
Past results
Last year, over 24,600 taxpayers revised their returns, disclosing hidden foreign assets worth ₹29,200 crore.
Don’t ignore this alert. Review and revise your return now. The department will expand checks to more taxpayers soon.
FILING YOUR INCOME TAX RETURN F.Y 2024-25 (A.Y. 2025-2026) WITH MYITRONLINE
The income tax filing deadline is right around the corner. If you haven’t filed yet, do it today with Myitronline! Avoid last minute rush and file your tax return today on MYITRONLINE in Just 5 mins.(www.myitronline.com)
If you are looking for eCA assistance to file your income tax return/ GST, you can opt for MYITRONLINE eCA assisted plan starting
Upload Salary Individual Form-16
If you have any questions with filing your tax return, please reply to this mail. info@myitronline.com OR call 9971055886,8130309886.
Note-All the aforementioned information in the article is taken from authentic resources and has been published after moderation. Any change in the information other than fact must be believed as a human error. For queries mail us at marketing@myitronline.com
Krishna Gopal Varshney
An editor at apnokacaKrishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.
Leave a reply
Your email address will not be published. Required fields are marked *Share this article
Krishna Gopal Varshney
An editor at Myitronline
Krishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.
View articles
News Offers
