Foreign Asset Amnesty Scheme 2026 for returned NRIs – Eligibility, Tax Calculation & Immunity from Black Money Act
Background Under the prevailing law, there is a requirement of reporting foreign income and assets in the ITR by Resident tax payer. Under Black Money Act 2015 (for more read https://www.nritaxservice.in/blog/2024/03/05/nris-black-money-act-implications), there are stringent penal provisions for non-compliance with such reporting. Many taxpayers had unknowingly defaulted with these reporting provisions. Income tax department have received … Read more