🔹 *I-T Dept Finds ₹22,000 Cr in Undisclosed Foreign Assets!* The I-T Dept’s recent drive has uncovered ₹22,000 crore worth of undisclosed foreign assets and income. Here are the key details: 👉 *How was it done?* - Data from bilateral & multilateral agreements and foreign remittance reports were analyzed. - Scrutiny of Form 15CC (filed for overseas remittances) helped in identifying cases. 👉 *Key Highlights* - Many taxpayers self-reported their foreign assets after the awareness campaign. - Notices were sent only when there was strong data-backed evidence. - CBDT allowed an extra 15 days for taxpayers to report international transactions. 👉 *Non-Compliance Alert!* - Foreign assets & income must be disclosed in ITR under ‘Schedule Foreign Assets’. - Failure to disclose foreign assets can lead to penalties of up to ₹10 lakh.