🤯Income Tax Notice on Non Disclosure of ForeignAssets #foreignassets #taxnotice #incometaxnotice #ai

If you have received an income tax notice regarding undisclosed foreign assets and the disallowance of an 80G deduction, you must respond to each issue separately with the required documentation to avoid penalties and legal action. Undisclosed Foreign Assets Non-disclosure of foreign assets (such as bank accounts, real estate, and investments) is a serious offense under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The Income Tax Department receives this information via global data-sharing agreements (CRS and FATCA). ] Required Action Do not ignore the notice: Non-compliance can lead to a penalty of INR 10 lakhs and potential imprisonment. Review and revise your ITR: You can file a revised return (for AY 2025-26, the deadline is December 31, 2025) to correct omissions. Use the correct form: Ensure you file using an ITR form that includes Schedule FA (Foreign Assets) and Schedule FSI (Foreign Source Income), such as ITR-2 or ITR-3. ITR-1 and ITR-4 do not have this schedule. Provide accurate details: Disclose full details of all foreign assets held during the relevant financial year, including those with zero balance or no income generated. Disallowed 80G Deduction A disallowance of an 80G deduction typically means the tax department could not verify your claim due to a mismatch in data or insufficient documentation. Required Action Gather documentation: Collect all necessary documentation to substantiate your donation claim. Key Documents: A valid donation receipt from the charitable institution with their name, address, PAN, and 80G registration number. Proof of payment, such as a bank statement, cheque copy, or digital payment confirmation. Form 10BE (Donation Certificate) issued by the donee institution, which the IT department uses for cross-verification. #incometax #incometaxnotices #notice #taxationindia #taxation #tax #taxes #gstdose #itr #itr2025 #newyear #happynewyear #merrychristmas #cristmas #christmastree #christmascelebration #christmasnails Respond through the portal: Log in to the Income Tax e-Filing portal, navigate to the e-proceedings section, and provide a clear explanation with the supporting documents uploaded as annexures. @TaxationIndia @Taxdidi #incometaxnotice #foreignassets #section80g #schedulefa #taxcompliance #blackmoneyact #itrrevision #TaxNUDGE #ay2025_26 #jeemains #education #upsc #taxation #facts #viralshorts #trandingshorts #tranding #1m #1million #tax #motivation #incometaxnotice #foreignassets #section80g #TaxNUDGE #itrrevision #schedulefa #incometaxindia #taxcompliance #blackmoneyact #ay2025_26 #financeindia #taxalert #DonationTaxBenefit #incometaxreturn #foreignincome @TaxationIndia @TAXFILINGINDIA @Taxdidi @JainGyan ​#ai #gst