Income Tax Dept Urges Disclosure of Hidden Foreign Properties

The Income Tax Department has released a notice reminding taxpayers that any foreign property holdings not declared in their returns must be reported immediately. The directive cites the Foreign Exchange Management Act and the Income Tax Act, noting that failure to disclose can lead to penalties and interest. Taxpayers are advised to file a revised return or submit a separate disclosure form within 30 days of receiving the notice. The department has also announced that it will conduct audits on accounts flagged for non‑disclosure.