If you have also hidden information about Foreign Assets or Overseas Investments while filing your Income Tax Return, then be careful! The Income Tax Department has started an in-depth investigation of the returns for Assessment Year 2025–26 and has caught such mistakes of more than 25,000 people. CBDT is now sending alerts to taxpayers through SMS and email. The good news for you is that the government has given you a chance to correct your mistake by filing Revised ITR till 31st December. If you update your returns on time, you can avoid heavy penalties, prosecution and notices. According to media reports, based on CRS data and information about investments in UAE (Dubai), large-scale search operations were conducted in Delhi, Mumbai and Pune, in which foreign assets worth hundreds of crores of rupees were revealed. The Income Tax Department completed assessment in 1080 cases by June this year and made a tax demand of ₹ 40,000 crore. Information about foreign assets comes directly from foreign countries under Common Reporting Standards and FATCA… hence the information cannot remain hidden!
Income Tax Notice Alert! If you hide foreign assets, a case will be filed. 31 December Final Chance!
