What are the consequences of failure to disclose foreign assets and income as per the Income Tax Department in India
Failing to disclose foreign assets and income may lead to a penalty of ₹10 lakh as per the Income Tax Department.
Failing to disclose foreign assets and income in India can have serious consequences as per the Income Tax Department. Here are some key points to consider:
- Failure to disclose foreign assets can attract a penalty of up to ₹10 lakh.
- The penalty can be levied if there is nondisclosure or incorrect disclosure of foreign income or assets in the income tax return.
- The penalty amount may vary based on the nature and extent of the non-disclosure.
- The Income Tax Department may also initiate prosecution proceedings in case of willful evasion or suppression of foreign assets and income.
- Non-disclosure of foreign assets can also result in tax evasion charges and legal consequences.
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5 months ago