The government has made the process for filing returns easier and accessible, but more reforms are needed, particularly with respect to long term capital gains tax. Also, over the last decade filing returns has become completely automated but getting timely redressal remains an issue.
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If you are a tax resident of India and have foreign assets, remember to disclose them in your income tax returns. Recently, a taxpayer learnt this the hard way after a penalty of Rs 30 lakh was imposed on her for failure to do so. In a conversation with Moneycontrol, Preeti Sharma, Partner, Global Employer Services at BDO India talks about how to disclose your foreign assets and how to rectify past non-reporting or misreporting of such assets.
Indian multinationals such as Infosys and Wipro are known for granting ESOPs (employee stock ownership plans) to their employees. If you work at any of their overseas offices, the taxation of your ESOPs will depend on the tax rules of India, the country where these companies are based, and of the country where you reside.
India Business News: Income Tax Return AY 2023-24: Filing your ITR online? If there are errors in your Form 26AS and Annual Information Statement, watch the video in this