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.
- Missing Disclosures
It is desirable for a resident assessee to disclose all the following in the ITR:
- Immovable property held located outside India, incl any time beneficial interest and income derived there from;
- Details of any other capital asset incl any time beneficial interest;
- financial interest in any entity incl any time beneficial interest;
- foreign incomes;
- Foreign bank accounts incl any time beneficial interest;
- Foreign trusts in which he is a beneficiary, trustee or settler;
- 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
- 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.