Income Tax Department nudges taxpayers holding undisclosed foreign properties
The Economic Timesvia NewsData.io
The Income Tax Department is encouraging taxpayers to declare undisclosed foreign assets through the FAST-DS initiative. A new e-filing portal feature allows taxpayers to view reported asset information from foreign jurisdictions. The Department plans outreach programs to assist corporate employers, educational institutions, and professional organizations. Eligible disclosures under the scheme require a fixed tax and penalty payment for regularization.
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