India's tax department urges taxpayers to report foreign assets by Dec. 31 to avoid penalties.

The Indian Income Tax Department is urging taxpayers to accurately report foreign assets and income on their tax returns by December 31. Over 200,000 submissions have been made this year, highlighting increased compliance. Taxpayers must use the correct ITR forms and disclose all foreign assets and income to avoid penalties. The department emphasizes the importance of transparency to combat tax evasion.

November 24, 2024
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