Pune: The Directorate of Investigation, Pune, in collaboration with the Pune Branch of the Western India Regional Council (WIRC) of the Institute of Chartered Accountants of India (ICAI), conducted an outreach program on the Declaration of Foreign Assets and Income under the Black Money Act, 2015.
The event, held at ICAI Bhavan, aimed to educate taxpayers about the mandatory reporting of foreign assets and income in Income Tax Returns (ITRs) and the stringent penalties for non-compliance.
As part of a nationwide initiative by the Central Board of Direct Taxes (CBDT), the program emphasized the importance of voluntarily disclosing foreign assets and income through revised ITR filings by December 31, 2024.
The event witnessed a robust turnout, with over 250 participants, including taxpayers, business leaders, tax professionals, and Income Tax Department officials. Satish Sharma, Principal Chief Commissioner of Income Tax and Director General of Income Tax (Investigation), Pune, presided over the event as the Chief Guest, alongside Guest of Honour, Mohit Jain, Principal Director of Income Tax (Investigation), Pune.
Addressing the gathering, Sharma highlighted the provisions of the Black Money Act, stating, “The government’s extensive data from CRS and FATCA agreements exposes undeclared foreign assets and income. Many taxpayers face penalties due to ignorance, making this outreach vital for spreading awareness and encouraging voluntary compliance.”
The program featured in-depth presentations by Sudhanshu Shekhar, Additional Director of Income Tax (Investigation), and Mahadev Dharurkar, Deputy Director of Income Tax (Investigation). Key takeaways included:
Detailed insights on foreign assets such as overseas bank accounts, shares, real estate, and other financial interests.
Understanding foreign income, including dividends, interest, and capital gains.
Legal implications of non-compliance, including fines, interest charges, and prosecution risks.
Participants lauded the initiative for its clarity and practicality in addressing the complexities of the Black Money Act. Many expressed confidence in their ability to ensure compliance following the program.
In his closing remarks, Sharma reinforced the significance of voluntary disclosures in upholding the nation’s financial integrity. “Transparency in tax practices strengthens our economic foundation. This campaign provides an opportunity to comply and avoid penalties while contributing to the national cause,” he concluded.