Avoid Rs 10 lakh income tax penalty! Why it's important to report foreign income, assets in ITR by December 31, 2024 - check details

Dec 19, 2024 - 15:00
Avoid Rs 10 lakh income tax penalty! Why it's important to report foreign income, assets in ITR by December 31, 2024 - check details

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India's tax department has clarified reporting rules for foreign income and assets. Non-disclosure invites hefty penalties under the Black Money Act, including a potential Rs 10 lakh fine and legal action.

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