The Income Tax department of India is set to start questioning NRIs about unrealistic bloated earnings overseas. Several Indians became NRI to generate fake overseas income such as trading profits, consultancy fee, and big salaries to legitimise undisclosed funds stashed abroad. They may now have to justify their income or face heavy fines. According to the Finance Bill 2020, any Indian citizen who is not liable to tax in any other country or territory shall be deemed to be a resident in India. Such residents will have to pay tax on overseas income and disclose foreign assets. "The...
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