Disclose Foreign Investments In ITR Or Else Invite Rs.10 Lakh Penalty Read More>>>
Not reporting foreign shares and assets in your Income Tax Return (ITR) can lead to hefty fines, as per the Black Money Act, 2015
Taxpayers must disclose foreign holdings in the 'Schedule FA' of the ITR, ensuring transparency and compliance with tax regulations
A recent Mumbai Income Tax Appellate Tribunal case imposed a penalty of Rs 10 lakh for each year of non-disclosure of foreign shares and assets in the ITR
The penalty underscores the government's stringent stance on tax compliance, especially concerning foreign investments and assets
Failure to report foreign holdings can have serious legal consequences, emphasizing the importance of accurately disclosing financial information in tax returns