As many as two lakh Income Tax Returns (ITRs) containing details of foreign assets and income have been filed during the current assessment year till now, according to the tax department which urged Indian residents for tax purposes to ensure they file the right form and revise their returns if they submitted the wrong form.
The shares obtained and income earned by resident tax Indians from their employers through employee stock options should also be disclosed to the Income-Tax Department by filling foreign assets and foreign source income schedule provided in the relevant ITR, a senior CBDT officer explained.
The tax department and its administrative authority Central Board of Direct Taxes (CBDT) recently launched a campaign to ensure that the select category of taxpayers (Indian residents for tax purposes) report their foreign assets (FA) and foreign source income (FSI) during the 2024-25 assessment year by the deadline of December 31.
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