Why MNC employees with Esops are on taxmans radar

Many Indian employees of multinational companies (MNCs) are failing to report foreign assets such as employee stock options (Esops) and restricted stock units (RSUs) in their income tax returns (ITR). Such assets fall under the purview of the Foreign Asset Schedule in ITR-2 and ITR-3. Failure to disclose such assets, which also include dividends paid on MNC shares, can result in a penalty of INR10 lakh ($14,000) per year and seven years' imprisonment under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

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