thethinker (Individual) (25 Points)
24 April 2024I had got some $300 worth of ESOP when I was working with my previous company and these ESOP value is worth $1000 as of today and the stock is based on USA. I got it in 2019
I had not mentioned about it in my ITR as I was unaware of it.
I read that there is a flat fine of 10 lakh Rs per year for not declaring foreign assets or holdings. This is huge fine. Am I in trouble?
Nikhil Kaushik
(Fellow CA)
(85244 Points)
Replied 24 April 2024
as such you do have the exposure. last year I handled 2 cases where the Income-tax department issued notice for non-disclosure of foreign assets. My suggestion - kindly make the correct disclosures going forward. your amount is very small. So even if you get any notice in the future, it can be manageable provided you start making correct disclosures atleast here onwards.
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