Failure to disclose foreign assets, income to incur Rs 10L fine: I-T dept

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Failure to disclose foreign assets, income to incur Rs 10L fine: I-T dept - Business Standard

Quick Summary:

The department issued a public advisory as part a compliance-cum-awareness campaign launched recently by it on Saturday to ensure that such information is reported by the assessee in their Income Tax Return (ITR) for assessment year (AY) 2024-25.

The Income-Tax Department on Sunday cautioned taxpayers that failure to disclose assets held abroad or income earned in foreign shores in the ITR can attract a penalty of Rs 10 lakh under the anti-black money law.

The advisory specified that foreign asset, for a tax resident of India in the previous year, includes bank accounts, cash value insurance contract or annuity contract, financial interest in any entity or business, immovable property, custodial account, equity and debt interest, trusts in which a person is a trustee, beneficiary of settlor, accounts with singing authority, any capital asset etc., held abroad.