Non-declaration of Foreign Assets and Income for Financial Year 2021-22

[KASTURI SETHI]

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.

AI Summary

Foreign asset disclosure may require ITR-U when tax is payable; otherwise remedial options may be limited.
Where information on foreign assets is received through exchange mechanisms a taxpayer may be summoned; if no taxable income arose a factual reply can close the matter. Filing ITR-U is appropriate only when additional tax is payable; if there is no tax implication ITR-U is not available. Revision of a return may be possible only before issuance of the statutory intimation, and the scope of rectification to add foreign-asset schedules where tax remains zero is uncertain.