FOREIGN INCOME/ASSET OMISSIONS MUST BE CORRECTED BY DEC 31: CBDT CHAIRMAN

CBDT Chairman Ravi Agarwal urges taxpayers with foreign income or assets to correct omissions in their returns by December 31.

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The Central Board of Direct Taxes (CBDT) Chairman, Ravi Agarwal, has urged taxpayers with foreign income or assets to take advantage of the opportunity to rectify any omissions in their income tax returns before December 31.

Speaking at India International Trade Fair (IITF) after the inauguration of Income Tax lounges Agarwal emphasized the department's proactive approach in identifying discrepancies using data received through the Automatic Exchange of Information system.

"We are receiving regular updates on foreign assets and income through this system.This information is meticulously compared with taxpayers' declarations in their income tax returns. This exercise is aimed at informing and sensitizing taxpayers," Agarwal stated.