Not disclosing foreign shares, investments, assets in your ITR can lead to penalty of Rs 10 lakh

Filing of schedule FA is mandatory if an individual is owner of any foreign asset like foreign stocks, foreign mutual funds, other foreign assets. Failing to file schedule FA along with ITR would mean violation of Black Money Act which would mean a flat penalty of Rs 10 lakh for each defaulting year.

from Tax-Wealth-Economic Times https://ift.tt/FJW8sSA