Invest In Foreign Assets
Hiding foreign assets? Black Money Act provisions carry heavy penalties
Tax department warns of penalties, details how to revise returns by December 31 deadline
 "Hiding foreign assets? Black Money Act provisions carry heavy penalties")
Over 30k taxpayers declare foreign assets, income of Rs 30,300 crore: FM
Finance Minister Nirmala Sitharaman on Tuesday said more than 30,000 taxpayers have revised their I-T returns or filed belated returns and declared additional foreign assets and income of about Rs 30,300 crore. "We carried out a 'nudge' campaign in which we nudged taxpayers to voluntarily disclose their Foreign Income and Assets. SMS and E-mails were sent to around 19,501 select taxpayers, asking them to review their Income Tax Returns filed for the 2024-25 based on information available to Income Tax of foreign deposits etc," she said in reply to Finance Bill 2025 in the Lok Sabha. As a result of the campaign, she said out of 19,501 taxpayers, a total of 11,162 taxpayers revised their returns and filled out Schedule Foreign Assets Form, declaring total assets of Rs 11,259.29 crores disclosing foreign income of Rs 154.42 crore. In addition to the above, she said 883 taxpayers revised their ITRs and corrected their status from resident to non-resident in the revised return for ...
 "Over 30k taxpayers declare foreign assets, income of Rs 30,300 crore: FM")
Failure to disclose foreign assets to incur Rs 10 lakh fine: I-T dept
The Income-Tax Department on 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 a compliance-cum-awareness campaign launched recently by it on Saturday to ensure that such information is reported by the assessee in their Income Tax Return (ITR) for assessment year (AY) 2024-25. The advisory specified that foreign asset, for a tax resident of India in the previous year, includes bank accounts, cash value insurance contract or annuity contract, financial interest in any entity or business, immovable property, custodial account, equity and debt interest, trusts in which a person is a trustee, beneficiary of settlor, accounts with singing authority, any capital asset etc., held abroad. The department said taxpayers figuring under this criteria "must mandatorily" fill the foreign asset (FA) or foreign source
 "Failure to disclose foreign assets to incur Rs 10 lakh fine: I-T dept")
Egypt's net foreign assets positive for third consecutive month in July
Egypt had been using its NFAs, which include foreign assets at both the central bank and commercial banks, to help prop up its currency since at least September 2021
 "Egypt's net foreign assets positive for third consecutive month in July")
Share of foreign currency assets in overseas securities rises to 81%
RBI's gold reserves rise to 794.64 tonne at the end of March
 "Share of foreign currency assets in overseas securities rises to 81%")
Don't forget mandatory disclosures while filing your income-tax returns
Failure to do so might render the ITR (Income-Tax Returns) defective and invite an income tax notice and penalties
 "Don't forget mandatory disclosures while filing your income-tax returns")
How foreign assets in your portfolio can protect it from volatility
The Indian economy and markets, for instance, tend to be hit hard by high oil prices
 "How foreign assets in your portfolio can protect it from volatility")
Here's why you must invest in foreign assets to guard against rupee's fall
A vast array of components are also imported, such as for computers, high-definition television sets, and other electronic items
 "Here's why you must invest in foreign assets to guard against rupee's fall")
