India warns taxpayers to disclose foreign assets by Dec 31 or face Rs 10 lakh penalty.

The Indian Income Tax Department has warned that taxpayers who fail to disclose foreign assets or income in their Income Tax Returns (ITR) by December 31 will face a penalty of Rs 10 lakh under the anti-black money law. This warning is part of a compliance and awareness campaign for the assessment year 2024-25, targeting those with foreign assets or income. The department will send reminders via SMS and email to taxpayers who have already filed their ITRs.

November 17, 2024
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