Fill Foreign Assets (FA) Schedule in ITR for A.Y. 2024-25; Know Why?
In India, Filing an Income Tax Return (ITR) is a mandatory task for people in every financial year. The deadline for filing an income tax return for FY23-24 is 31st July 2024.
Individuals who are filing their tax returns for the current year need to disclose all the income earned in the year and can claim deductions as well for which they are eligible to reduce their tax liability. Disclosing all income means, showing income earned in the domestic country or earned in foreign land in their respective ITR.
Recently, Income Tax India issued a reminder for taxpayers regarding showing or filling the income amounts earned mainly from foreign land along with the income earned through their profession or job in ITR.
Income Tax India wrote on its offical Twitter handle, “Kind Attention: Holders of foreign bank accounts, assets & income! Please fill the Foreign Asset Schedule in the Income Tax Return (ITR) for A.Y. 2024-25 and disclose all Foreign Assets (FA)/ Foreign Source of Income (FSI) if you have foreign bank accounts, assets or income. Due Date to file ITR for A.Y. 2024-25: 31st July 2024. #FileNow”
Taxpayers who are holding foreign assets, bank accounts etc., then they need to fill the Foreign Asset Schedule in ITR. The last date to file is July 31, 2024.