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The importance of disclosing Foreign Assets in the ITR is:
In the Income Tax report, resident Individuals, HUFs, beneficial owners, and beneficiaries of foreign assets need to report foreign assets in their Income Tax report.
What is the process to declare foreign assets in the Income Tax returns?
To declare your foreign assets in your ITR, you need to follow the steps given below:
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I have filled in all my foreign assets in my Income Tax return, which helps me to get the benefit of the Double Taxation Avoidance Agreement (DTAA) and get my foreign country tax paid claim. By filing foreign assets, it also helps the government to ensure transparency and to track all the taxpayers' tax liabilities easily.