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The Economic Times

Economy / The Economic Times

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Foreign income? Avoid 7 ITR filing common mistakes

Returning Indians face new tax filing complexities. Foreign retirement accounts now necessitate the more detailed ITR-2, moving away from the simpler ITR-1. Tax authorities are leveraging global information exchange to track overseas assets and income. Accurate reporting in Schedule FA is crucial to avoid penalties under the Black Money Act. Taxpayers must diligently disclose all foreign holdings, including dormant accounts and employee stock options, to ensure compliance.

29 Jun 2026 6:30 am