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March 31, 2019 is the last possible date to make up for any omissions in the income tax return filed for last assessment year 2018-19 ( 2017-18 fiscal) either for missing disclosures or missing reporting.

One may be advised to recheck the following to avoid unpleasant notices for penalties and prosecutions.

  1. Missing Disclosures

It is desirable for a resident assessee to disclose all the following in the ITR:

  1. Immovable property held located outside India, incl any time beneficial interest and income derived there from;
  2. Details of any other capital asset incl any time beneficial interest;
  3. financial interest in any entity incl any time beneficial interest;
  4. foreign incomes;
  5. Foreign bank accounts incl any time beneficial interest;
  6. Foreign trusts in which he is a beneficiary, trustee or settler;
  7. Demat or any other investments held outside India with account details.

Non disclosure would mean a penalty of Rs. 10 lacs under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

  1. Missing Reporting


It is desirable to report each and every international transaction falling within the ambit of Chapter X of the Income tax Act (S. 92B specific).

Any missing reporting means a penalty of 2% of the value of such international transaction.

Also any under-reporting of income in consequence of such omission will additionally yield to a penalty of 200% of tax payable on under reported income in the consequence.



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