The Headlines – Tax nudge: Income tax dept ropes in MNCs to flag undisclosed foreign assets; employees face Dec 31 deadline

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The Headlines – Tax nudge: Income tax dept ropes in MNCs to flag undisclosed foreign assets; employees face Dec 31 deadline

The Income Tax department is directly contacting multinational companies to alert their Indian employees about undisclosed foreign assets and income before the year-end compliance deadline. Companies are urged to ensure staff disclose overseas assets and income to avoid penalties and prosecution under the Black Money law.

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