Income Tax Notice: Income Tax Department is sending notices to these people, they will have to pay a fine of Rs 10 lakh..

Income tax: If you have filed your income tax return (ITR File), but all the information in it has not been filled correctly, then you can be fined up to Rs 10 lakh. The Income Tax Department is monitoring such people who are leaving a deficiency in their return filing.

Let us tell you that the target of Income Tax is those people whose properties or wealth are abroad. That is, if you have hidden any property or wealth outside the country, be alert because you too can be the target of the Income Tax Department officials. Also, the Income Tax Department can take a fine of Rs 10 lakh from you.

If you hide this information, you will have to pay a fine-

According to a report, there is a Schedule FA in the ITR return, which shows foreign properties. If you have foreign properties like shares, houses, etc., then you are required to declare them in ITR. Failure to declare can lead to a penalty of up to Rs 10 lakh. If you do not have any foreign assets and still have received a notice, then you have to prove that this property is not yours.

The punishment is from fine to jail-

If you hide information about your foreign assets from the Income Tax Department, then you can be punished with a fine to jail. In some conditions, you may have to suffer the punishment of both. On the other hand, if you do not have any FA and still have received a notice, then you can give your statement by giving an affidavit. But if your affidavit turns out to be false, then action will be taken against you. You have to take an oath to speak the truth in the affidavit.

According to law, you can also be jailed for three to seven years. Therefore, all the taxpayers who are correcting this mistake need to be more careful. Do not try to mislead the department in any way.

What should taxpayers do?

The department has come up with a simple procedure for IT notice without foreign assets. You will have to submit an affidavit in which you will prove that those assets are not yours. On submitting the affidavit, the department will accept your point and clarify the situation.

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