Failure to disclose foreign assets, income to invite Rs 10L penalty: I-T dept

Income Tax Department

New Delhi: The Income-Tax Department Sunday cautioned taxpayers that failure to disclose assets held abroad or income earned in foreign shores in the ITR can attract a penalty of Rs 10 lakh under the anti-black money law. The department issued a public advisory as part of a compliance-cum-awareness campaign launched recently by it on Saturday […]