Mandatory to provide details of foreign asset or source of income in ITR. Penalty of Rs:10 Lac
Failing to disclose details of foreign assets or sources of income in your Income Tax Return (ITR) can lead to serious consequences under Indian tax laws. Watch this important video as [lawyer's name] explains the mandatory requirements for declaring foreign assets or income, as per the Income Tax Act.
Key highlights:
Legal obligations for reporting foreign assets.
Consequences of non-compliance, including a hefty penalty of ₹10 lakh.
Importance of ensuring transparency in your financial declarations.
Stay informed and avoid penalties by understanding the legal framework. Don't miss out on this crucial information-watch now!
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