What Are Foreign Assets and Why Do We Need to Declare Them in ITR Filing?

Declare Foreign Assets or Face ₹10 Lakh Penalty: IT Dept Warns

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10 Lakh Penalty on Hidden Assets and Income, 10 Lakh Penalty for Hidden Assets and Income, Failure to disclose foreign assets, income to invite ₹10 lakh penalty

The Income Tax Department has issued a strict warning to taxpayers. The strict warning is regarding failing to declare foreign assets can lead to a hefty penalty of ₹10 lakh. As the ITR deadline is near, taxpayers with overseas investments or accounts must comply with the disclosure rules under the Black Money (Undisclosed Foreign Income … Read more