Important Tax Advisory for Indian Residents
Indian residents are required to declare foreign assets and foreign-source income in their Income Tax Return (ITR), wherever applicable. Information on foreign financial accounts is shared with the Income Tax Department through international frameworks such as Common Reporting Standard and FATCA .
🔍 Action required for FY 2024–25 (AY 2025–26):
✔️ Ascertain your residential status under the Income-tax Act
✔️ Ensure full disclosure of foreign assets & foreign income
✔️ Disclosure is mandatory even if income is below the exemption limit
❗ Missed reporting earlier?
You may file a Revised Income Tax Return to correct any omissions or inaccuracies.
🗓️ Last date to file revised return: 31 December 2025
📘 Step-by-step guidance is available on the High Commission of India, Nicosia website:
👉 https://hcinicosia.gov.in/…/declaration-of-foreign…/
SOURC EOF LINK ; https://www.facebook.com/photo/?fbid=1187511086892742&set=a.188842180092976
