Foreign income, overseas assets? Don’t miss these ITR disclosures

Non-disclosure or under-reporting of foreign income has emerged as a key pain point for many Indian taxpayers in recent years. The income tax (I-T) department’s data-driven scrutiny and information exchange with foreign tax authorities have triggered tax notices for inadequate or flawed foreign income disclosures in recent years.

To be sure, since Budget 2024, non-disclosure of foreign assets (other than immovable properties) up to Rs 20 lakh does not invite penalties or prosecution.