Background: Rising Income Tax Scrutiny for NRIs, OCIs & Returning Non-Residents In recent years, the Income Tax Department of India has significantly strengthened its technology-driven intelligence and data-tracking capabilities. Through advanced information systems, the department now captures and consolidates financial data from multiple reporting sources…
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.