The Income Tax Department has drawn attention to serious concerns linked to virtual digital assets, including cryptocurrencies, reinforcing the caution earlier expressed by the Reserve Bank of India. The department pointed to issues such as user anonymity, cross-border fund movements, and the difficulty of tracing…
Non-Disclosure of Foreign Assets in ITR – Black Money Act & Tax Implications – NRIs, Returning NRIs, Resident Indians A significant number of individuals who fall under the diverse categories of Non-Resident Indians (NRIs)—particularly those specifically known as "Returning NRIs" who are permanently relocating back…
The Indian government has taken significant steps to curb black money and undisclosed foreign assets held by residents outside the country. One of the key legal tools in this effort is the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.