Indian residents must pay tax on global income; report foreign assets and claim DTAA relief to avoid penalties.
This infographic covers the taxation of foreign income for Indian residents. Residents (ROR) are taxed on global income, including foreign employment and investments. Foreign income is taxed as per slabs and must be reported in the ITR under ‘Schedule FSI’. DTAA allows claiming foreign tax credits. Non-disclosure of foreign assets can lead to penalties under the Black Money Act and FEMA. Maintain records and consult a tax expert for compliance.