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Declaring foreign assets in tax returns form: What Indians must know

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It is mandatory for Indian residents to disclose their foreign assets and income in their Income Tax Return (ITR). Specifically, Schedule FA (Foreign Assets) in the ITR form is meant for reporting foreign assets, and Schedule FSI (Foreign Source Income) is for reporting income from foreign sources.
The article from Business Standard discusses the importance of declaring foreign assets in Indian tax returns, particularly through the ITR-2 form. It highlights that Indian residents must report all foreign assets, including bank accounts, financial interests in entities, immovable properties, and other capital assets, as well as any income from these assets. The article explains that failure to declare these assets can lead to penalties under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, which could include fines and imprisonment. It also notes the need for accurate reporting due to international information exchange agreements like FATCA and CRS, which facilitate the sharing of financial information between countries. The piece emphasizes the necessity of understanding the tax implications and compliance requirements for foreign assets to avoid legal repercussions.

Read the Full Business Standard Article at:
[ https://www.business-standard.com/finance/personal-finance/declaring-foreign-assets-in-tax-returns-form-what-indians-must-know-124121600274_1.html ]