Income Tax Dept Flags Undisclosed Foreign Assets, Urges Revised ITR Filing by Dec 31, 2025:

The Income Tax Department issues intimations to salaried taxpayers for non-disclosure of foreign assets or income, urging them to file revised ITRs for AY 2025-26 by Dec 31.
IT Dept Warns Salaried Taxpayers on Undisclosed Foreign Assets in ITRs

Income Tax Dept Flags Undisclosed Foreign Assets, Urges Revised ITR Filing by Dec 31, 2025
The Income Tax Department is sharing intimations/notices to some selected categories of taxpayers, particularly to salaried individuals who have received shares/RSUs/ESOPs from MNC employers (including bonus shares) and also to individuals who maintain bank accounts in foreign countries.
The tax department is informing these individuals that they have received data from the foreign jurisdiction(s) demonstrating that they held or earned foreign assets or income, for instance, bank accounts, interest, dividends, investments, etc., during the Calendar Year 2024. These categories of individuals have not disclosed the said foreign assets in ITRs (Income Tax Returns). In these types of cases, where foreign assets are not disclosed in ITRs, Schedule FA is not filled, and filing a revised return is the only solution to this problem.
The tax department is urging such taxpayers to file a revised return for the Assessment Year 2025-26 (Financial Year 2024-25) by December 31, 2025, to disclose any foreign assets or income held or earned during the relevant AY. The return will be categorised as incomplete until these details are updated in the return. These are the reminder notices; if individuals still miss the deadline for filing a revised return, then they will be liable for possible legal actions or consequences, like massive penalties.
Here are the detailed steps to file a revised ITR:
- Step 1. Visit the official website of Income Tax at www.incometax.gov.in.
- Step 2. On the homepage, go to e-File.
- Step 3. Select "Income Tax Return."
- Step 4. Select "File Income Tax Return."
- Step 5. Now select the relevant assessment year, i.e., Assessment Year 2025-26.
- Step 6. Thereafter, click on "Start new filing."
- Step 7. Select the applicable status (Individual/HUF/Others).
- Step 8. Select the appropriate ITR Form type (other than ITR 1 or ITR 4).
About Author

Saloni Kumari
Content Writer
Saloni is a Content Writer with 2+ years of experience at studycafe.in. She writes legal, taxation, and finance related content including GST, Income Tax etc. Skilled in translating complex judicial pronouncements and regulatory developments into clear, and reader-friendly articles. Experienced in covering judgements of ITAT, High Court, GSTAT, and news related to Income Tax, GST, and corporate law. She can be reached at [email protected].
StudyCafe
Delhi, Delhi, India
2390My Recent Articles
- ICAI Denies Viral Data Breach Rumours, Assures Students and Members of Complete Data Safety
- ITAT Remands Section 69 Unexplained Cash Credit Addition After Bank Statement Was Not ExaminedPremium
- ITAT Remands Transfer Pricing Dispute: DRP to Reassess Comparables and Working Capital AdjustmentPremium
- CBDT Notifies TDS Exemption on Aircraft Lease Payments to IFSC Units Under 20-Year Tax Deduction Scheme Premium
- CBDT Grants TDS Exemption On Ship Leasing Payments To IFSC Units Under 20-Year Tax Deduction SchemePremium
Up Next
Loading suggestions…
Recent Posts

All Posts

Tags
Recent Posts

All Posts








