Report Foreign Income in ITR: "Failure to disclose foreign income or asset in ITR can mean assessment proceedings being initiated under Black Money (undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. Penalty of Rs 10 lakh can be levied, if the aggregate value of an asset or assets (other than immovable property) exceed twenty lakh rupees," said the Income Tax Department.
Disclaimer : Mymoneytimes implements extreme caution and care in collecting data before publication. Mymoneytimes does not liable for the adequacy, accuracy or completeness of any given information. Hence we are not liable for any kind of direct or indirect loss caused by the use of such information.