Finance
Sock JohnsonTax Filing Alert: Switch to ITR 2 or 3 Before Deadline
Listen up, tax warriors! If you filed early, it’s time to switch gears and report those foreign assets before the deadline hits. The Income Tax Department says to ditch ITR-1 and ITR-4 for the powerhouse duo ITR-2 or ITR-3. Don’t let penalties body slam you! Get it done, and keep your tax game strong!
few days ago | Amit Kumar
Quick rundown
1.Early filers face issues updating foreign assets in tax returns.
2.ITR-1 and ITR-4 forms lack sections for foreign asset disclosure.
3.Switch to ITR-2 or ITR-3 for accurate foreign income reporting.
4.NUDGE 2.0 campaign encourages checking and correcting tax disclosures.
5.Ensure compliance by December 31, 2025, to avoid penalties.
