28-July-2026
Taxation
 
Tax filers scramble to fix foreign asset disclosures: I-T portal data & SMS alerts prompt review of overseas holdings before July 31
27-Jul-2026

As the tax filing deadline nears, many are treading a minefield of rules on foreign assets, the details of which were uploaded to taxpayers' Income Tax (I-T) portal accounts this month. Over the weekend, several well-heeled taxpayers received SMS alerts from the I-T department, reminding them to disclose overseas bank accounts, properties, and ownership in companies and trusts in 'Schedule FA' of the appropriate income tax return form by July 31.

News Source:- https://economictimes.indiatimes.com/news/economy/policy/tax-filers-scramble-to-fix-foreign-asset-disclosures-i-t-portal-data-sms-alerts-prompt-review-of-overseas-holdings-before-july-31/articleshow/132646383.cms