How does the Indian government penalize failure to disclose foreign assets and income as per the Income Tax department
The Income Tax department introduces a penalty of ₹10 lakh for individuals who do not disclose their foreign assets and income.
- The penalty of ₹10 lakh is imposed on individuals who fail to disclose their foreign assets and income as per the Income Tax department in India.
- Non-disclosure of foreign assets and income could lead to legal consequences, including hefty fines and potential prosecution.
- The penalty is a deterrent measure to ensure transparency and compliance with tax laws regarding foreign assets and income.
- Individuals are required to accurately report all foreign assets, bank accounts, investments, properties, and income in their tax returns.
- Failure to disclose such information can be considered tax evasion and can result in severe penalties and legal action by the Income Tax department.
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5 months ago