With just days left before the year-end compliance window closes, the Income tax department has begun reaching out directly to multinational companies, asking them to alert Indian employees about undisclosed foreign assets and income, according to multiple tax advisors.
Finance Ministry on Friday said CBDT is taking action against people having foreign income and as many as 5,483 taxpayers have filed belated returns reporting foreign assets worth Rs. 29,208 crore and additional income of Rs. 1,089.88 crore.
Finance Minister Nirmala Sitharaman on Tuesday said more than 30,000 taxpayers have revised their I-T returns or filed belated returns and declared additional foreign assets and income of about Rs 30,300 crore…
The Central Board of Direct Taxes (CBDT) has advised all taxpayers to carefully review their foreign income and assets and report them accurately in their Income Tax Returns (ITRs).
