The Income Tax Department has detected unreported foreign assets worth around Rs 100 crore held by nearly 60 individuals in the Nagpur region. These assets primarily include shares in European companies, bank deposits, and investments in the United States.
Under existing rules, Indian citizens are required to disclose all foreign assets in their income tax returns. Failure to do so attracts significant penalties, depending on the nature and value of the assets.
Officials said the department has been conducting awareness drives in collaboration with business organisations, urging taxpayers to properly declare overseas holdings. Detection of such assets is also facilitated through information shared by foreign tax authorities, where investments made by Indian citizens are reported.
Meanwhile, Finance Minister Nirmala Sitharaman has announced an immunity scheme for cases involving non-disclosure of foreign assets up to an aggregate value of Rs 20 lakh. Detailed guidelines of the scheme are expected to be released soon. As reported by leading national daily.
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