Taxpayers may face up to 7 years in prison for not disclosing offshore assets in ITR

It is not very uncommon in today’s times for individuals to have investments in offshore jurisdictions. While HNIs have invariably diversified their investments into various jurisdictions (e.g. through offshore trust structures), due to the global mobility available to individuals in different vocations, having offshore accounts or investments in offshore markets has become even more commonplace.

Many Indians have also started investing in the global stock markets using the liberalized remittance scheme. However, as enticing as the opportunities may sound, one must be aware of the tax implications and reporting requirements of such investments.

Please click here to read the full article by Kumarmanglam Vijay, and Surajkumar Shetty published in Financial Express.