Invest In Foreign Assets

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

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

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

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

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

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