Income Tax department nudges taxpayers to disclose overseas properties
Under the one-time FAST-DS scheme, eligible taxpayers can disclose specified foreign assets by 31 December, with tax and penalty relief for qualifying declarations.
The Income Tax Department in India is urging certain taxpayers who have invested in properties overseas, specifically in the United Arab Emirates, to disclose their international assets. This initiative is part of a one-time compliance scheme, as per a senior government official. Dhirendra Kumar, a seasoned policy reporter with extensive experience in finance and governance, has revealed this information.
Kumar, who has received several awards for his journalistic contributions, is known for his ability to simplify complex policy developments and make them accessible to the public. His work aims to keep readers informed about important economic and governance issues that impact India.
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