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The Economic Times News

Economy / The Economic Times

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Nudged by taxman, MNCs tell staff to reveal undisclosed foreign assets

The Income Tax department is sending urgent reminders to multinational companies. Employees with undisclosed foreign assets and earnings are being asked to report them. The deadline for this disclosure is December 31, 2025. Failure to comply can lead to significant penalties and prosecution under the Black Money law. This initiative aims to ensure statutory compliance and tax collection.

22 Dec 2025 12:26 am