🛑 ITR Alert: Mandatory Disclosure of Foreign Income & Unlisted Shares in AY 2025

As we approach the Income Tax Return (ITR) filing season for Assessment Year (AY) 2025, the Income Tax Department has intensified its scrutiny of financial disclosures, especially concerning foreign assets and unlisted shares.

If you're a resident Indian taxpayer, this is a crucial compliance requirement you cannot afford to ignore. Non-disclosure can result in notices, penalties, or even prosecution under the Black Money (Undisclosed Foreign Income and Assets) Act, 2015.

🔍 Who Needs to Report?

You must MANDATORILY disclose these in your ITR if you have:

  • ✅ Foreign bank accounts or assets held abroad

  • ✅ Investments in overseas companies, including shares, mutual funds, or ESOPs

  • ✅ Unlisted shares – whether in Indian private companies or foreign corporations

This rule applies to resident individuals, HUFs, and firms with global financial interests.

📄 How Should You Report These Assets?

To comply with the law, you need to file ITR-2 (not ITR-1 or ITR-4) and accurately declare the following details:

  • 🔹 Name of the Company or Institution

  • 🔹 Number of Shares Held

  • 🔹 Transaction Details (acquisitions, disposals, dividends, etc.)

  • 🔹 Country of Holding

  • 🔹 Nature of Asset (Debt/Equity)

Failing to disclose even a single asset could result in heavy penalties, starting at ₹10 lakh per year of default, and in some cases, prosecution.

⚠️ What Happens If You Don’t Comply?

The Income Tax Department has advanced data-sharing agreements with banks and tax authorities in over 100 countries through CRS (Common Reporting Standard) and FATCA. Even dormant or inactive foreign accounts can be flagged.

🚨 Consequences of non-disclosure include:

  • 🧾 Income Tax Notices

  • 💰 Penalties under Section 271FA/271AAC

  • 🔍 Scrutiny under Black Money Act

  • 🏛️ Prosecution in extreme cases

🧠 Why You Need Expert Help

With tax laws becoming more stringent, especially for cross-border investments, even minor mistakes or missed disclosures can lead to serious complications.

This is where professional tax support becomes essential. At TAXLA SERVICES, we assist you with:

  • ✅ Accurate ITR filing for individuals with foreign income

  • ✅ Full support for ITR-2 and foreign asset schedules

  • ✅ Correct declaration of unlisted shares

  • ✅ Representation in case of scrutiny or notices

💼 About TAXLA SERVICES

TAXLA SERVICES is a trusted name in taxation, audit, and compliance solutions with years of experience in handling complex ITR cases.

📍 Location: 19, SBI Colony 3rd Street, Saligramam, Chennai – 600093
📞 Contact: +91 9600076134 / 7200509886
📧 Email: auditsiva2@gmail.com
🌐 Website: www.taxlaservices.com

🛡️ Don’t Wait for a Notice — File Right. Stay Safe.

If you hold foreign income or unlisted shares, now is the time to act, disclose, and comply. Let TAXLA SERVICES help you navigate the ITR filing process smoothly and securely.

#ITR2025 #ForeignAssets #UnlistedShares #IncomeTaxIndia #BlackMoneyAct #TAXLAservices #TaxFilingIndia #TaxConsultantChennai #BestAuditorInTamilnadu #StayCompliant #FileITRRight



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