Jul 08, 2019
Taxman plans to go after new NRIs possessing undeclared foreign assets
Tax authorities would soon start targeting undisclosed overseas assets of individuals, who had acquired those when they were residents in India but had since become non-residents. Changes proposed to the black money law as part of the 2019-20 budget are aimed at covering such non-residents who possess undeclared overseas assets, a government official said. The move comes amid reports of many high-net-worth individuals moving out of India and changing their residency status.