Non disclosure by Indian employees having ESOP in overseas companies , MNC’s in their Income Tax Return under Foreign Assets Schedule ( #FASchefule )are liable for fine up to Rs 10 lakhs and even prosecution under the #BlackMoney Act. It is time for such employees to disclose the same by filing revised or updated return to avoid notice under Black Money Act. Further any income received outside India howsoever small such as dividend of a few US $ is also required to be reported to avoid initiation of proceedings under Black Money Act.
Under Tax Treaty – Automatic Exchange of information-the Indian Tax Dept gets all such information of Indian Citizen and accordingly to assume by any one that it will not come to the notice of tax Dept or action will not follow may not be a good assumption. Further under Black Money Act, there is no time limitation to initiate proceedings against the defaulters. Accordingly sooner or later such information will get acted upon and proceedings are likely to be activated . It is advisable to report such assets / income before action is initiated.

Regards
Ved Jain