Non-reporting of foreign shares and other foreign assets held by you in your income tax return (ITR) can cost you a lot of money. An individual can be held liable for violation of the Black Money Act, 2015. Section 43 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 … Continue reading Income Tax Penalty of Rs. 10 Lakhs if foreign shares, investments and assets not disclosed in your Income Tax Returns