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. Let us know about it in detail.
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. Actually, these days on the radar of the Income Tax Department are those people who have filed their tax returns but have not given complete information.
The target of income tax are those people whose properties or money are abroad. That is, if you have hidden any property or money outside the country, be alert, because you too can be the target of Income Tax Department officials. Besides, the Income Tax Department can also charge you a fine of Rs 10 lakh.
If you hide this information you will have to pay fine
According to the report, there is a Schedule FA in the ITR return which is 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 penalty of Rs 10 lakh can be imposed under this. But if you do not have any foreign asset and still you have received the notice, then you will have to prove that the asset is not yours.
Punishment ranges 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 give your statement by giving an affidavit. But if your affidavit turns out to be false then action will be taken against you. You have to take an oath to tell the truth in the affidavit.
According to the law, you can be jailed for three to seven years. Therefore, those taxpayers who are rectifying 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 IT notice despite not having any foreign asset, then 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 assets are not yours.
