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.
Declaring Foreign Assets: Importance of Filing an Updated Tax Return (ITR-U) for 2021-22 if Tax is Payable A user inquired about the necessity and process of declaring foreign assets and income for the financial year 2021-22, having initially omitted them from their tax return. An expert shared a similar experience where non-declaration of a foreign bank account led to a summons from the tax department. They advised that if there is any tax payable, filing an updated return (ITR-U) is advisable. Another respondent clarified that ITR-U might not be applicable if there is no tax liability, and suggested that rectification of the return may be possible, though opinions on this are mixed. (AI Summary)
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