TMI BlogNon-declaration of Foreign Assets and Income for Financial Year 2021-22X X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Experts, One of my friends forgot to declare foreign assets and foreign income in Income Tax return for the Financial Year 21-22. Is it compulsory to declare the same ? If so, can he declare now by way of filing ITR-U ? What is remedy ? Thanks a lot. - Reply By Padmanathan Kollengode - The Reply = Sir, let me share you a similar practical experience I had first:- An assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... did not produce the details of 'barclays bank' held in Canada at the time of filing ITR of FY 21-22 as he was not having any continuing relationship with the banker. However, the account was not closed and there was some very small balance lying in that account which even the assessee had forgotten. In Nov 2022 or so, he received a summons notice from IT Department stating that said a b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arclays bank account was operational in Canada and whether it was disclosed in return, whether income was included and so on. The Department had stated that this information was received via 'Exchange of Information'. Since (fortunately), there was no income from that particular account, a reply was given stating the above facts and matter was closed. Coming to the query, If there ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is any tax payable on account of foreign asset in India, it is advisable to file ITR-U . However, if there is no tax implication, then it would not be possible to file ITR-U also. - Reply By KASTURI SETHI - The Reply = Sh.Padmanathan Kollengode Ji, I am deeply indebted to you for your help. - Reply By Nanu Arora - The Reply = Most respected ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... @ KASTURI SETHI Ji Thanks for creating this thread and respected @Padmanathan Kollengode Ji thanks for replying. In the ITR-2 filed for FY 21-22 there is no taxable income, after taking into account all the deductions and the only source of income is interest income. For the ITR of FY 22-23 all the FA schedules etc. were filed. Now in FY 21-22 there is only dividend income and interest income f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rom US stocks which is less than Rs. 460, combined. This amount is after the 25% tax deducted in the US under the DTAA with India. As far as what we have read, ITR-U is not applicable for this purpose. Revision of return can be done only before intimation u/s 143(1) is filed. Now there are doubts about rectification of return, some articles/youtube videos say that under rectification FA schedule ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s etc. can be shown but some of them say that it cannot be shown as the tax liability will still be zero. The total initial value of the investment as per the data provided by the aggregator is 1.66 Lacs and the peak and closing values were around 4.72 lacs during FY 21-22, there were no capital gains. Kindly guide us how to proceed here? - Non-declaration of Foreign Assets and Income for Financ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ial Year 2021-22 - Query Started By: - KASTURI SETHI Dated:- 31-7-2023 Income Tax - Got 3 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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