Income Tax: Big news for tax payers! These taxpayers may have to pay a fine of Rs 10 lakh, check details
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These days, those people are on the radar of the Income Tax Department who have filed their tax returns but have not given complete information. The Income Tax Department is also imposing a fine of Rs 10 lakh on such people.
If you have filed income tax return but have not filled all the information in it, then now you may have to pay a fine of Rs 10 lakh. In fact, these days those people are on the radar of the Income Tax Department who have filed their tax returns but have not given complete information.
The target of income tax are those people whose property or money is abroad. That is, if you have hidden any property or money outside the country, then be alert, because you too can be the target of Income Tax Department officials. Apart from this, the Income Tax Department can also charge a fine of Rs 10 lakh from you.
If you hide this information you will have to pay a fine
According to a Times of India report, there is a Schedule FA in the ITR return called Foreign Assets. If you have any foreign asset like shares, house or anything else then you have to declare it in your ITR. If you do not declare it, a fine of Rs 10 lakh can be imposed under this. But if you do not have any foreign property and still you have received the notice then you will have to prove that the property is not yours.
There are provisions for punishment ranging from fine to jail.
If you hide information about your foreign assets from the Income Tax Department, you may face punishment ranging from fine to jail. Under certain conditions you may have to face punishment for both. At the same time, if you do not have any FA and still you have received the notice, then you can present your point by giving an affidavit. But if your affidavit turns out to be false then action will be taken against you. In the affidavit you will have to swear to tell the truth.
According to the law, you can be jailed for three to seven years. Therefore, taxpayers who are correcting this mistake need to be more careful. You should not try to mislead the department in any way.
What should taxpayers do?
For this the department has found an easy way. For this you will have to give an affidavit. If you have received an IT notice even though you do not have any foreign assets, you will have to file an affidavit. If you give this affidavit, then on the basis of this the department will accept your statement that those properties are not yours.
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