Phone++91 9654831210
The Income Tax Department of India is taking a firm stance on tax compliance, the information about which was not declared under income tax; the assessees should declare any hidden foreign assets or income by 31st December, 2024. This is meant to make cross border financial transactions more transparent and accountable and for this comes with stiff penalty.
Failing to report foreign assets and income is a serious offense under Indian tax laws. If not voluntarily disclosed by the deadline, taxpayers may face:
The following categories of taxpayers should review their financial disclosures:
The window to voluntarily disclose foreign assets and income closes on December 31, 2024. Acting within this period can help avoid penalties and maintain compliance with Indian tax laws.
India’s tax laws under the Black Money (Undisclosed Foreign Income and Assets) Act, 2015, empower authorities to take stringent measures against non-compliance. By proactively addressing missed disclosures, taxpayers can avoid falling under scrutiny.
Voluntary disclosure of foreign assets and income is not just a legal responsibility but also a step toward financial transparency. With the December 31, 2024 deadline fast approaching, taxpayers must act promptly to rectify any missed reporting.
Stay informed. Stay compliant. Protect your financial future.
The deadline for voluntary disclosure of foreign assets and income is December 31, 2024.
Foreign assets include, but are not limited to:
Failure to disclose foreign assets and income can result in:
To stay compliant:
This action is mandated under the Black Money (Undisclosed Foreign Income and Assets) Act, 2015, which empowers authorities to address non-compliance stringently.
By disclosing foreign assets and income, individuals align with global standards of financial accountability, ensuring a fair tax system and reducing the scope for tax evasion.
If you fail to disclose by the deadline:
NRIs must disclose their India-related income but are generally not required to report foreign assets unless they are Indian tax residents for the relevant financial year.