Avoid Rs 10 lakh income tax penalty! Why it’s important to report foreign income, assets in ITR by December 31, 2024 – check details – Times of India
Many taxpayers remain uncertain about the mandatory reporting requirements for foreign assets and income. (AI image) Income Tax Returns: The enactment of the Black Money law has introduced severe penalties for taxpayers who provide insufficient disclosures regarding their foreign incomes, assets and related information. The non-compliance now constitutes a violation of both income tax and…