New Delhi, July 18 -- In a recent communication, the income tax (I-T) department has urged taxpayers to share details about assets held overseas and income accrued abroad. By disclosing the assets owned in the foreign land in their income tax return (ITR), taxpayers can not only avoid legal issues but also contribute to the country's development at the same time.

Notably, the tax department in November last year ran a campaign towarn taxpayers of a Rs.10 lakh penalty if they fail to disclose foreign held assets or income earned from abroad in their ITR.

It is vital for thetaxpayers to disclose their foreign assets and income in their income tax returns, reads the communication. The schedule FA (Foreign Assets) in the ITR form is primari...