Pune : The Directorate of Investigation, Pune, in collaboration with the Pune Branch of WIRC of ICAI, organized an outreach program on the Declaration of Foreign Assets and Income & Black Money Act at ICAI Bhavan, Pune. The program aimed to raise awareness about the disclosure of foreign assets and income in Income Tax Returns (ITRs) and highlighted the severe consequences of non-compliance under the Black Money Act, of 2015, stated a press release.

This initiative is part of a nationwide campaign by the Central Board of Direct Taxes (CBDT), urging taxpayers to voluntarily disclose foreign assets and income by filing revised ITRs by December 31, 2024.

The event was attended by over 250 participants, including taxpayers, businesspeople, tax professionals, and officials from the Income Tax Department. Shri Satish Sharma, Principal Chief Commissioner of Income Tax and Director General of Income Tax (Investigation), Pune, graced the event as the Chief Guest. Shri Mohit Jain, Principal Director of Income Tax (Investigation), Pune, was the Guest of Honour.

In his address, Shri Sharma emphasized the stringent provisions of the Black Money Act aimed at curbing undisclosed foreign assets and income. “The government has received extensive information under CRS and FATCA agreements. However, a lack of awareness has led many taxpayers to face penalties due to non-disclosure. This outreach program is an effort to educate taxpayers and encourage voluntary compliance,” he said.

Detailed presentations were delivered by Shri Sudhanshu Shekhar, Additional Director of Income Tax (Investigation), and Shri Mahadev Dharurkar, Deputy Director of Income Tax (Investigation). They provided key insights into:

Types of foreign assets, such as bank accounts, shares, immovable property, and beneficial interests.

Types of foreign income, including dividends, interest, and gross proceeds.

Legal implications of non-compliance, such as penalties, interest, and prosecution.

The experts urged taxpayers to disclose foreign assets and income in ITRs under Schedule FA and Schedule FSI to ensure compliance and avoid legal action.

Tax practitioners and participants appreciated the clarity provided on the complexities of the Black Money Act. Attendees praised the Directorate's initiative for fostering understanding and transparency.

In his closing remarks, Shri Sharma encouraged taxpayers to contribute to the nation’s financial integrity by making voluntary disclosures. “This campaign is crucial in building a transparent tax system. We urge everyone to seize this opportunity to comply and avoid penalties,” he concluded.

This program reflects the government’s commitment to promoting financial transparency and strengthening compliance under the Black Money Act, of 2015.