The Economic Times

Tax filers scramble to fix foreign asset disclosures: I-T portal data & SMS alerts prompt review of overseas holdings before July 31

Taxpayers are receiving alerts about undeclared foreign assets before the July 31 deadline. The tax department has uploaded foreign asset data, prompting disclosures and professional help. Lapses stem from ignorance, negligence, or conscious concealment of overseas accounts and properties. Some taxpayers are seeking immunity under a fast-track disclosure scheme for eligible cases. Reconciling discrepancies with past filings and underlying records is now essential for compliance.