Have undisclosed foreign income or assets? You must act before December 31 as government gets more data from these new countries

Income tax: The Income Tax Department has data from Germany and other countries about its residents having foreign properties and assets and incomes. ​According to Sandeep Jhunjhunwala, Partner, Nangia Andersen LLP, many foreign countries now exchange more granular and updated financial information, enabling Indian tax authorities to better identify undisclosed foreign income and assets.