isclose foreign assets by Sept 30 or face action: Income Tax Department

The income tax department has warned against non-disclosure of cash and assets being illegally stowed away aboard in its latest advertisement. The endorsement, published in leading national dailies, warns of a tax and penalty amounting to 120 per cent of the assets, in addition to rigorous imprisonment of up to 10 years as well as other penal actions under Prevention of Money Laundering Act and reminds people of the compliance window — until September 30 — which it calls a “one-time opportunity” to disclose one’s assets abroad.


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