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Now declare foreign assets in tax returns or face penalty
Jaipur: Any kind of income and assets earned abroad must be reported in the income tax return. The department believes that information regarding every bank account located abroad must also be disclosed in the income tax return, regardless of whether there is any transaction in it or not. Similarly, information regarding the value of any property located abroad, regardless of its worth, must be disclosed.
The IT Department is making special efforts through tax consultants to raise awareness among taxpayers. Under the instructions of the Central Board of Direct Taxes, the Income Tax Department is running an awareness campaign across the country to encourage taxpayers to share information about assets located abroad. If a taxpayer does not share this information with the department, they will have to pay a penalty of `10 lakh per property per year.
