Who must disclose
Ordinary residents are required to report specified foreign assets and income. RNORs and non-residents generally have a narrower (or nil) Schedule FA obligation — which is why residential-status determination is not a formality. Returning NRIs often become reportable in the year they resume ordinary residence.
Consequences
The Black Money (Undisclosed Foreign Income and Assets) Act can impose tax, interest and penalties that dwarf the value of the omitted asset. Notices may arrive years later when automatic exchange of information reaches the Indian database. A structured review before you return to India is the most effective mitigation.
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