The Economic Times

Rupee slide, valuation rules put foreign asset disclosure scheme out of reach for many

The rupee's depreciation and strict valuation rules hinder foreign income disclosure. A one-time voluntary disclosure window allows regularization of overseas assets up to one crore. However, many exceed this limit due to currency conversion dates and asset values. Taxpayers explore updated returns and disclosure schemes, risking misrepresentation claims. Clarification on valuation rules is needed for borderline cases and falling-value assets.