In a significant development, approximately 30,000 Indian taxpayers have declared foreign assets totaling over ₹29,000 crore, according to sources. This substantial disclosure underscores the growing compliance with the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax

The Income Tax (I-T) Department has launched a compliance and awareness campaign urging taxpayers to disclose any foreign assets or income earned from abroad in their Income Tax Return (ITR) for the assessment year 2024-25. Failure to comply could result in a hefty penalty of ₹10 lakh under the Black Money (Undisclosed Foreign Income and […]