▪️ The Indian govt. has started seeking details of financial transactions from suspected non-compliant Non-Resident Indians. Please find attached the recent news article for reference.
▪️ Information such as details of fund sources, assets acquired, income tax return filing, etc. are sought by agencies such as the Enforcement Directorate (ED).
▪️ The suspected non-compliance is for wrongful declarations under FEMA (Foreign Exchange Management Act, 1999) as well the Income Tax Act for claiming incorrect residential status.
▪️ This implies that the person takes refuge of being under the Non-Resident status while filing Income Tax returns as well as in other financial transactions such as banking, investment, etc.
▪️ There are severe consequences of such wrongful declaration which can result in unwanted penalties as well prosecution under Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
▪️ Due date for filing Indian Income Tax return is 30th September, 2021. Let us comply with all taxation & regulatory laws of India not only to avoid unfavourable legal consequences, but also to become an honest and responsible Indian.
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