Taxmen find unreportedRs100cr foreign assets

Nagpur: The income tax department has come across unreported foreign assets worth approximately Rs 100 crore held by around 60 individuals in Nagpur region. This largely includes shares in European companies, bank deposits, as well as in the US. Indian citizens are supposed to disclose their investments in foreign assets in their income tax returns. Non-disclosure attracts a hefty penalty depending on the type of asset and value.The I-T dept has been carrying out a series of awareness campaigns by tying up with various business organisations, urging the assessees to declare assets in their returns. The detection is also done through foreign tax authorities' reporting systems, in which investments by Indian citizens are also reflected, said sources.Finance minister Nirmala Sitharaman announced an immunity scheme for non-disclosure of foreign assets with aggregate value of Rs20 lakh. Such cases would be let off once the nuances of the schemes are released, a source said.