Incometax implications of foreign salary held in canada bank

You should revise your return to ITR 2 where you have to show your foreign income and assts.

You should revise the return 

if cant then write to A.O. about this 

Thank you for your responses.

But, I am unsure about the possibilities of revising the ITR filings I have already done for the assessment years 2015-16 and 2016-17, because both of them are already processed by the IT department. Can I do the same for the coming AY (2017-18)? Will there be any problem if I file ITR-2 for AY 2017-18?

Regarding writing the A.O. can you please guide me the process and the implications? Are they going to charge me anything saying that I havn't declared it in last two years (even though I have declared it through the "Lokpal" declaration for my wife).

Is it something like my hard earned tax payed money turned out as black money just because of my ignorance of the right ITR form?

Well if you declare income of past year now

Then as far as tax implications is concerned 

AO will consider the interest on the tax amount of the past income declared 

You'll have to pay the interest 

Explanation can also be given when AO sends a notice to you for enquiry 

A logical explanation is always acceptable at the department.

I assume you left for Canada in FY 2014-15 for employment and your stay in India for that year was less than 182 days - in that case, you qualified to be a non-resident for that year. No requirement for a non-resident to declare foreign assets/income in Indian tax return, so no issues there. 

For FY 2015-16, I asssume you to be a Resident and Ordinarily Resident (ROR) - note that exact determination depends on the exact days of stay in India) - in that case, if you had any foreign asset/income - even a single USD/CAD and you've not disclosed- you are at fault. Note that Black Money Act came in effect w.e.f. 01/07/2015 which prescribes not only a flat INR 10 lacs penalty but also prosecution which may extend upto 10 years. 

You still have time to revise the return (if you had filed original returns well within time). In the revised return, you can disclose the foreign assets and income and pay applicable tax. Note that you can revise your return even if it is processed u/s 143 (1). 

P.S. - Friendly advice: Yours is a sensitive matter since it has implications w.r.t. Black Money Act. please consult a local CA with detailed facts & then take a decision.

Thank you very much Abhinav.....

Yes, for FY 2014-15 (AY 2015-16) , I did file ITR-1 and I remember, I have selected my status as NRI (since my stay in India for that FY was well less than 180 days). And, for FY 2014-15 (AY 2015-16) , I did file ITR-1 as regular (Resident of India).

So, according to you, I am in the defaulter list for last FY (FY 2014-15) only, not for the previous one...and still I have option to revise that return to ITR-2. Can you please tell me how can I do that, since it has already been processed. Also, if you can let me know the last date for this revision, is it 31-Mar-2017?