The Income Tax Department is actively urging taxpayers to voluntarily declare any missed reporting of foreign assets or income by December 31, 2024, otherwise the consequences can be very serious like Rs 10 lakh fine or even jail in some cases. The income tax department has also revealed that India receives detailed information about financial accounts held by its residents in several foreign jurisdictions so there is no point in hiding wealth abroad. Experts warn that in specified cases like this the tax department may also use the full extent of the law, and this includes imposing the Black Money Act also.

What type of information India receives from abroad
According to the Income Tax Department, here are the information received by India:

• Account holder's name, address, and tax identification number (TIN)

• Account number and balance
• Income details such as interest, dividends, and other financial proceeds.

“This information helps the Income Tax Department to know the global income of its resident taxpayers and to identify taxpayers who may not have disclosed their foreign assets and income,” said the Income Tax Department.