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Income Tax Department Nudges Taxpayers on Undisclosed Overseas Assets

Original: taxpayers

India's Income Tax Department is urging taxpayers who own undeclared property abroad to come forward and declare those assets. The outreach signals continued government pressure on offshore wealth, reminding taxpayers that foreign holdings must be disclosed and that non-compliance could attract penalties and legal consequences under black money and foreign asset rules.

Why now: The tax department's fresh push on undisclosed foreign properties has put offshore asset disclosure back in the spotlight for Indian taxpayers.

Income Tax DepartmentIndia

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