{"id":1092,"date":"2024-12-12T14:46:44","date_gmt":"2024-12-12T14:46:44","guid":{"rendered":"https:\/\/caalokkumar.com\/my-writing\/?p=1092"},"modified":"2024-12-12T14:46:46","modified_gmt":"2024-12-12T14:46:46","slug":"why-and-how-to-disclose-your-foreign-assets-in-india","status":"publish","type":"post","link":"https:\/\/caalokkumar.com\/my-writing\/why-and-how-to-disclose-your-foreign-assets-in-india\/","title":{"rendered":"The Taxman Knows: Why and How to Disclose Your Foreign Assets in India"},"content":{"rendered":"\n<p>The Indian Income Tax Department has intensified its focus on foreign assets held by resident taxpayers. With advanced data-sharing mechanisms and stringent laws like the&nbsp;<strong>Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015<\/strong>, failing to disclose such assets can result in severe consequences. If you are a taxpayer with foreign assets or income, it\u2019s essential to understand your responsibilities, the process of reporting, and the implications of non-compliance.<\/p>\n\n\n\n<p>This detailed guide will walk you through the reporting requirements, deadlines, penalties, and frequently asked questions, ensuring you\u2019re well-informed about the process.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Why is Disclosing Foreign Assets Important?<\/strong><\/h2>\n\n\n\n<p>The government\u2019s goal is to ensure transparency in financial dealings and prevent tax evasion. The Income Tax Department gathers information through agreements such as:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Automatic Exchange of Information (AEOI)<\/strong>\u00a0and\u00a0<strong>Common Reporting Standard (CRS)<\/strong>: A global collaboration involving 123 countries for sharing tax-related information.<\/li>\n\n\n\n<li><strong>Foreign Account Tax Compliance Act (FATCA)<\/strong>: An agreement with the US for reporting financial accounts.<\/li>\n<\/ul>\n\n\n\n<p>Global initiatives like the&nbsp;<strong>Automatic Exchange of Information (AEOI)<\/strong>,&nbsp;<strong>CRS<\/strong>, and&nbsp;<strong>FATCA<\/strong>&nbsp;enable India to access details of assets held by residents in foreign jurisdictions. Non-disclosure can no longer go unnoticed, making transparency essential for staying out of legal trouble.<\/p>\n\n\n\n<p>With collaborations like CRS and FATCA, the government receives detailed information about foreign holdings. For instance:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Germany provided data on properties owned by Indian taxpayers.<\/li>\n\n\n\n<li>The UAE shared information about undeclared properties in Dubai.<\/li>\n<\/ul>\n\n\n\n<p>Failing to disclose these assets when the government already has information can lead to notices, audits, and investigations by the Foreign Asset Investigation Unit (FAIU).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What Qualifies as Foreign Assets?<\/strong><\/h2>\n\n\n\n<p>Foreign assets include a broad range of holdings outside India, such as:<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Bank Accounts<\/strong>: Accounts held outside India, including those with signing authority.<\/li>\n\n\n\n<li><strong>Investments<\/strong>: Shares, mutual funds, bonds, or securities in foreign entities.<\/li>\n\n\n\n<li><strong>Real Estate<\/strong>: Properties located outside India.<\/li>\n\n\n\n<li><strong>Insurance Policies<\/strong>: Cash-value life insurance or annuity contracts.<\/li>\n\n\n\n<li><strong>Trusts<\/strong>: Roles as settlor, trustee, or beneficiary in foreign trusts.<\/li>\n\n\n\n<li><strong>Business Interests<\/strong>: Ownership in foreign companies.<\/li>\n\n\n\n<li><strong>Custodial Accounts<\/strong>: Accounts managed by custodians outside India.<\/li>\n\n\n\n<li><strong>Loans and Advances<\/strong>: Loans extended to foreign entities or individuals.<\/li>\n\n\n\n<li><strong>Other Assets<\/strong>: Precious metals, jewelry, or other financial interests abroad.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Who Needs to Report?<\/strong><\/h2>\n\n\n\n<p>The obligation to disclose foreign assets applies to&nbsp;<strong>resident taxpayers<\/strong>. You are a resident for tax purposes if:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>You stayed in India for\u00a0<strong>182 days or more<\/strong>\u00a0in the financial year, OR<\/li>\n\n\n\n<li>You stayed for\u00a0<strong>60 days or more<\/strong>\u00a0in the year and\u00a0<strong>365 days<\/strong>\u00a0in the previous four years.<\/li>\n<\/ul>\n\n\n\n<p>Even if your income is below the taxable limit, disclosure is mandatory if you hold foreign assets. However,&nbsp;<strong>Non-Resident Indians (NRIs)<\/strong>&nbsp;and individuals classified as&nbsp;<strong>Not Ordinarily Resident (NOR)<\/strong>&nbsp;are not required to report foreign assets.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How to Report Foreign Assets<\/strong><\/h2>\n\n\n\n<p><strong>1.&nbsp;Choose the Correct ITR Form<\/strong><\/p>\n\n\n\n<p>Use&nbsp;<strong>ITR-2<\/strong>&nbsp;or&nbsp;<strong>ITR-3<\/strong>&nbsp;to report foreign assets under Schedule FA and foreign income under Schedule FSI. Simplified forms like ITR-1 and ITR-4 do not support this disclosure.<\/p>\n\n\n\n<p><strong>2.&nbsp;Provide Accurate Details<\/strong><\/p>\n\n\n\n<p>Include the following details for each foreign asset:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Type of asset (bank account, real estate, etc.).<\/li>\n\n\n\n<li>Name and address of the foreign entity.<\/li>\n\n\n\n<li>Country and currency code.<\/li>\n\n\n\n<li>Initial value, peak value, and closing balance (converted to INR).<\/li>\n\n\n\n<li>Income earned and foreign taxes paid (if applicable).<\/li>\n<\/ul>\n\n\n\n<p><strong>3.&nbsp;Claim Relief Under DTAA<\/strong><\/p>\n\n\n\n<p>To avoid double taxation, claim relief under the&nbsp;<strong>Double Taxation Avoidance Agreement (DTAA)<\/strong>&nbsp;by providing details of taxes paid abroad.<\/p>\n\n\n\n<p><strong>4.&nbsp;Deadline for Compliance<\/strong><\/p>\n\n\n\n<p>You can file or revise your ITR by&nbsp;<strong>December 31, 2024<\/strong>. This includes:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Belated Returns<\/strong>: If you missed the original filing deadline, file a belated return with applicable late fees.<\/li>\n\n\n\n<li><strong>Revised Returns<\/strong>: Correct errors in your original return before the deadline.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Consequences of Non-Compliance<\/strong><\/h2>\n\n\n\n<p>Failure to disclose foreign assets can result in:<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Hefty Financial Penalties<\/strong>: Fines of up to\u00a0<strong>\u20b910 lakh<\/strong>\u00a0per year of non-disclosure under the Black Money Law. This penalty is applicable even if the foreign asset was acquired through disclosed sources or does not generate income.<\/li>\n\n\n\n<li><strong>Prosecution<\/strong>: Non-disclosure of foreign assets is treated as a serious offense. If the omission is found to be willful, the law prescribes imprisonment ranging from\u00a0<strong>6 months to 7 years<\/strong>.<\/li>\n\n\n\n<li><strong>Defective ITR<\/strong>: If foreign assets are omitted, the return may be marked defective, requiring correction and resubmission.<\/li>\n\n\n\n<li><strong>Loss of DTAA Benefits<\/strong>: Non-disclosure can disqualify you from claiming relief under DTAA. Without proper reporting, you may end up paying taxes on the same income in both India and the foreign country where it was earned.<\/li>\n\n\n\n<li><strong>Enhanced Scrutiny and Audits<\/strong><\/li>\n\n\n\n<li>The Income Tax Department uses advanced analytics and global data-sharing agreements to monitor foreign asset ownership.<\/li>\n\n\n\n<li>Undeclared assets can trigger notices, audits, or even investigations by the FAIU, leading to stress and potential legal complications<strong>.<\/strong><\/li>\n<\/ol>\n\n\n\n<p><strong>Frequently Asked Questions (FAQs)<\/strong><\/p>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1733984629944\"><strong class=\"schema-faq-question\"><strong>1.\u00a0What types of foreign assets need to be disclosed?<\/strong><\/strong> <p class=\"schema-faq-answer\">All types of foreign assets, including bank accounts, real estate, business interests, insurance policies, and investments, must be disclosed in\u00a0<strong>Schedule FA<\/strong>\u00a0of your ITR. Even accounts with signing authority or assets acquired from disclosed income need to be reported.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1733984647171\"><strong class=\"schema-faq-question\"><strong>2.\u00a0What happens if I missed the original filing deadline?<\/strong><\/strong> <p class=\"schema-faq-answer\">You can file a\u00a0<strong>belated return<\/strong>\u00a0by December 31, 2024. While a late fee and interest will apply, filing now helps avoid harsher penalties later.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1733984670213\"><strong class=\"schema-faq-question\"><strong>3.\u00a0Can I revise my ITR to include missed foreign assets?<\/strong><\/strong> <p class=\"schema-faq-answer\">Yes, you can file a\u00a0<strong>revised return<\/strong>\u00a0by December 31, 2024. Simply log in to the Income Tax Department portal, select the &#8220;Revised Return&#8221; option, and correct the errors or omissions in your ITR.<br\/><\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1733984689267\"><strong class=\"schema-faq-question\"><strong>4.\u00a0What are the penalties for non-disclosure?<\/strong><\/strong> <p class=\"schema-faq-answer\">Penalties include:<br\/>*. A fine of\u00a0<strong>\u20b910 lakh<\/strong>\u00a0per year of non-compliance.<br\/>*. Prosecution, leading to imprisonment for\u00a0<strong>6 months to 7 years<\/strong>\u00a0in severe cases.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1734013319278\"><strong class=\"schema-faq-question\"><strong>5.\u00a0How can I claim DTAA benefits?<\/strong><\/strong> <p class=\"schema-faq-answer\">If taxes have been paid abroad, you can claim relief under DTAA. Provide details such as the foreign tax amount, country name, and the applicable treaty provisions in your ITR.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1734013341574\"><strong class=\"schema-faq-question\"><strong>6.\u00a0What should I do if I filed the wrong ITR form?<\/strong><\/strong> <p class=\"schema-faq-answer\">If you used ITR-1 or ITR-4 instead of ITR-2 or ITR-3, you need to file a revised return. Correctly include foreign assets and switch to the appropriate form.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1734013364656\"><strong class=\"schema-faq-question\"><strong>7.\u00a0Do NRIs need to report foreign assets?<\/strong><\/strong> <p class=\"schema-faq-answer\">No, NRIs and Not Ordinarily Resident (NOR) individuals are exempt from reporting foreign assets. Only\u00a0<strong>resident taxpayers<\/strong>\u00a0are required to disclose them.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1734013415675\"><strong class=\"schema-faq-question\"><strong>8.\u00a0Are dividends from foreign stocks taxable in India?<\/strong><\/strong> <p class=\"schema-faq-answer\">Yes, dividends from foreign stocks are taxable as\u00a0<strong>income from other sources<\/strong>\u00a0in India. They must be reported in your ITR, even if taxes were deducted abroad.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1734013429786\"><strong class=\"schema-faq-question\"><strong>9.\u00a0Can I face prosecution for an accidental omission?<\/strong><\/strong> <p class=\"schema-faq-answer\">If the omission was unintentional, you can revise your ITR without penalty. However, intentional evasion may lead to prosecution under the Black Money Act.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1734013442395\"><strong class=\"schema-faq-question\"><strong>10.\u00a0What kind of scrutiny can I expect for non-compliance?<\/strong><\/strong> <p class=\"schema-faq-answer\">The Income Tax Department uses data analytics and global reports to identify discrepancies. Notices, audits, or investigations may follow if non-compliance is detected.<\/p> <\/div> <\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Key Takeaways<\/strong><\/h2>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>1. Mandatory Reporting of Foreign Assets<\/strong><\/h5>\n\n\n\n<p>Under the&nbsp;Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, resident taxpayers are required to disclose all foreign assets and income in their Income Tax Return (ITR). This includes a wide range of holdings, from foreign bank accounts and investments to insurance policies and trusts. Even if these assets do not generate any income, they must still be reported.<\/p>\n\n\n\n<p>Failure to report foreign assets can lead to severe consequences, including financial penalties and imprisonment. Filing ITR forms like&nbsp;ITR-2&nbsp;or&nbsp;ITR-3&nbsp;is necessary to fulfill these obligations, as simpler forms such as ITR-1 or ITR-4 do not support this level of disclosure.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>2. Consequences of Non-Compliance<\/strong><\/h5>\n\n\n\n<p>Non-compliance with foreign asset reporting can lead to hefty penalties, prosecution, and increased scrutiny from tax authorities. The Income Tax Department has advanced tools to track undeclared foreign assets using data from global agreements like the&nbsp;Common Reporting Standard (CRS)&nbsp;and&nbsp;Foreign Account Tax Compliance Act (FATCA).<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>3. Claiming DTAA Benefits<\/strong><\/h5>\n\n\n\n<p>The Double Taxation Avoidance Agreement (DTAA) helps taxpayers avoid being taxed twice on the same income\u2014once in the foreign country where it is earned and again in India. Proper reporting ensures that you can claim relief under DTAA, reducing your overall tax liability.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>4. Belated and Revised Returns<\/strong><\/h5>\n\n\n\n<p>If you missed the original deadline or made errors in your ITR, you can still comply by filing a&nbsp;belated return&nbsp;or a&nbsp;revised return&nbsp;by&nbsp;December 31, 2024. Filing now allows you to correct past mistakes and avoid the severe penalties associated with non-compliance.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>5. Importance of Accurate Filing<\/strong><\/h5>\n\n\n\n<p>Accurate filing ensures that your ITR is not flagged as defective or fraudulent. This not only safeguards you from penalties but also builds your credibility with tax authorities. Consulting a professional can help ensure that all foreign assets are properly disclosed and that you claim applicable benefits.<\/p>\n\n\n\n<p>Filing your ITR accurately is not just about avoiding penalties; it ensures you stay compliant and contribute to a transparent tax system. If in doubt, consult a tax professional to navigate complexities and safeguard your financial interests.<\/p>\n\n\n\n<p>Read More: &#8211; <a href=\"https:\/\/caalokkumar.com\/my-writing\/admit-bogus-transactions-face-reassessment\/\">Admit Bogus Transactions, Face Reassessment \u2013 Gauhati HC Ruling<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/wealth4india.com\">Income tax return filing in dwarka<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/itrkendra.com\">Income tax notice solutions in Dwarka<\/a><\/p>\n\n\n\n<p><strong>#ForeignAssetDisclosure #TaxComplianceIndia #IncomeTaxFilin<\/strong>g <strong>#BlackMoneyLaw #TaxAdvisorsIndia #StayTaxCompliant<\/strong> <strong>#FileBelatedReturn #RevisedReturnFiling #TaxFilingExperts<\/strong> <strong>#NRIIncomeTaxServices #DTAAIndia #GlobalTaxTransparency<\/strong> <strong>#TaxConsultationIndia<\/strong> <strong>#DeclareForeignAssets #AvoidTaxPenalties #TaxLawAwareness<\/strong> <strong>#FilingMadeEasy #TaxSavingTipsIndia #InternationalTaxation<\/strong> <strong>#GlobalIncomeReporting #FinancialTransparency #AvoidBlackMoneyPenalties<\/strong><\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\"><\/ol>\n","protected":false},"excerpt":{"rendered":"<p>The Indian Income Tax Department has intensified its focus on foreign assets held by resident taxpayers. With advanced data-sharing mechanisms and stringent laws like the&nbsp;Black Money (Undisclosed Foreign Income and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":1094,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[637,673,674,672,359,392,274,266,14,4,194,188,242,5],"tags":[680,675,678,677,679,676,15,40],"class_list":["post-1092","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-black-money-act","category-disclosing-foreign-assets","category-foreign-account-tax-compliance","category-foreign-assets","category-foreign-direct-investment","category-foreign-remittance","category-foreign-travel","category-how-to-check-tcs-on-forex-transactions-and-foreign-travel","category-income-tax","category-income-tax-act-1961","category-income-tax-department","category-rbi-foreign-remittance-policy","category-sec-148-of-income-tax-act","category-source-of-income","tag-automatic-exchange-of-information","tag-black-money","tag-common-reporting-standard","tag-disclosing-foreign-assets","tag-foreign-account-tax-compliance","tag-foreign-assets","tag-income-tax-act","tag-taxinindia"],"yoast_head":"<!-- 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While a late fee and interest will apply, filing now helps avoid harsher penalties later.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/caalokkumar.com\/my-writing\/why-and-how-to-disclose-your-foreign-assets-in-india\/#faq-question-1733984670213","position":3,"url":"https:\/\/caalokkumar.com\/my-writing\/why-and-how-to-disclose-your-foreign-assets-in-india\/#faq-question-1733984670213","name":"3.\u00a0Can I revise my ITR to include missed foreign assets?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Yes, you can file a\u00a0<strong>revised return<\/strong>\u00a0by December 31, 2024. Simply log in to the Income Tax Department portal, select the \"Revised Return\" option, and correct the errors or omissions in your ITR.<br\/>","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/caalokkumar.com\/my-writing\/why-and-how-to-disclose-your-foreign-assets-in-india\/#faq-question-1733984689267","position":4,"url":"https:\/\/caalokkumar.com\/my-writing\/why-and-how-to-disclose-your-foreign-assets-in-india\/#faq-question-1733984689267","name":"4.\u00a0What are the penalties for non-disclosure?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Penalties include:<br\/>*. A fine of\u00a0<strong>\u20b910 lakh<\/strong>\u00a0per year of non-compliance.<br\/>*. Prosecution, leading to imprisonment for\u00a0<strong>6 months to 7 years<\/strong>\u00a0in severe cases.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/caalokkumar.com\/my-writing\/why-and-how-to-disclose-your-foreign-assets-in-india\/#faq-question-1734013319278","position":5,"url":"https:\/\/caalokkumar.com\/my-writing\/why-and-how-to-disclose-your-foreign-assets-in-india\/#faq-question-1734013319278","name":"5.\u00a0How can I claim DTAA benefits?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"If taxes have been paid abroad, you can claim relief under DTAA. Provide details such as the foreign tax amount, country name, and the applicable treaty provisions in your ITR.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/caalokkumar.com\/my-writing\/why-and-how-to-disclose-your-foreign-assets-in-india\/#faq-question-1734013341574","position":6,"url":"https:\/\/caalokkumar.com\/my-writing\/why-and-how-to-disclose-your-foreign-assets-in-india\/#faq-question-1734013341574","name":"6.\u00a0What should I do if I filed the wrong ITR form?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"If you used ITR-1 or ITR-4 instead of ITR-2 or ITR-3, you need to file a revised return. Correctly include foreign assets and switch to the appropriate form.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/caalokkumar.com\/my-writing\/why-and-how-to-disclose-your-foreign-assets-in-india\/#faq-question-1734013364656","position":7,"url":"https:\/\/caalokkumar.com\/my-writing\/why-and-how-to-disclose-your-foreign-assets-in-india\/#faq-question-1734013364656","name":"7.\u00a0Do NRIs need to report foreign assets?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"No, NRIs and Not Ordinarily Resident (NOR) individuals are exempt from reporting foreign assets. Only\u00a0<strong>resident taxpayers<\/strong>\u00a0are required to disclose them.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/caalokkumar.com\/my-writing\/why-and-how-to-disclose-your-foreign-assets-in-india\/#faq-question-1734013415675","position":8,"url":"https:\/\/caalokkumar.com\/my-writing\/why-and-how-to-disclose-your-foreign-assets-in-india\/#faq-question-1734013415675","name":"8.\u00a0Are dividends from foreign stocks taxable in India?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Yes, dividends from foreign stocks are taxable as\u00a0<strong>income from other sources<\/strong>\u00a0in India. They must be reported in your ITR, even if taxes were deducted abroad.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/caalokkumar.com\/my-writing\/why-and-how-to-disclose-your-foreign-assets-in-india\/#faq-question-1734013429786","position":9,"url":"https:\/\/caalokkumar.com\/my-writing\/why-and-how-to-disclose-your-foreign-assets-in-india\/#faq-question-1734013429786","name":"9.\u00a0Can I face prosecution for an accidental omission?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"If the omission was unintentional, you can revise your ITR without penalty. However, intentional evasion may lead to prosecution under the Black Money Act.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/caalokkumar.com\/my-writing\/why-and-how-to-disclose-your-foreign-assets-in-india\/#faq-question-1734013442395","position":10,"url":"https:\/\/caalokkumar.com\/my-writing\/why-and-how-to-disclose-your-foreign-assets-in-india\/#faq-question-1734013442395","name":"10.\u00a0What kind of scrutiny can I expect for non-compliance?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"The Income Tax Department uses data analytics and global reports to identify discrepancies. Notices, audits, or investigations may follow if non-compliance is detected.","inLanguage":"en-US"},"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/caalokkumar.com\/my-writing\/wp-json\/wp\/v2\/posts\/1092","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/caalokkumar.com\/my-writing\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/caalokkumar.com\/my-writing\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/caalokkumar.com\/my-writing\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/caalokkumar.com\/my-writing\/wp-json\/wp\/v2\/comments?post=1092"}],"version-history":[{"count":2,"href":"https:\/\/caalokkumar.com\/my-writing\/wp-json\/wp\/v2\/posts\/1092\/revisions"}],"predecessor-version":[{"id":1095,"href":"https:\/\/caalokkumar.com\/my-writing\/wp-json\/wp\/v2\/posts\/1092\/revisions\/1095"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/caalokkumar.com\/my-writing\/wp-json\/wp\/v2\/media\/1094"}],"wp:attachment":[{"href":"https:\/\/caalokkumar.com\/my-writing\/wp-json\/wp\/v2\/media?parent=1092"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/caalokkumar.com\/my-writing\/wp-json\/wp\/v2\/categories?post=1092"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/caalokkumar.com\/my-writing\/wp-json\/wp\/v2\/tags?post=1092"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}