Why MNC staff are getting tax notices for foreign assets

The income-tax department is sending reminders to employees of multinational companies to report undisclosed foreign assets and income by December 31. Voluntarily correcting mistakes and making full disclosures is the safest option as tax authorities can now easily track overseas assets, writes Amarpal S. Chadha

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THE INCOME TAX (IT) Department is sending urgent reminders to multinational companies (MNC) and their employees as part of its Non-intrusive Usage of Data to Guide and Enable initiative, NUDGE 2.0. Using information received from overseas tax authorities under the Automatic Exchange of Information (AEOI) framework, it has iden