Failed to disclose your foreign assets in your IT returns? The tax department will come calling | Simply Save

If you own assets outside of India, remember to disclose them in your income tax returns. Recently, a taxpayer learnt this the hard way after a penalty of Rs 30 lakh was imposed on her for failure to do so. In a conversation with Moneycontrol, Preeti Sharma, Partner, Global Employer Services at BDO India talks about how to disclose your foreign assets and how to rectify past non-reporting or misreporting of such assets.