Tightening the
norms,income tax (IT) department has introduced a new column seeking details of
foreign assets in the Income Tax return (ITR) forms for the 2012-13 assessment
year.(For the financial year 2011-12)
Taxpayers, who hold
foreign properties or foreign bank accounts, will now have to furnish details
of their foreign assets which include information like country name, place of
property, address of the bank, name mentioned in the account and peak balance during
the year.
One of the
commissioner in Chennai Income Tax office said,
“Any individual being a resident having assets including financial
interest in any entity located in other country
or is a signing authority in any account located outside India shall
furnish the return electronically,“
For example, a
salaried person having any form of foreign assets including shares or bond of
foreign company is required to fill ITR
2 instead of ITR 1.
Also, details of
overseas immovable property and any other asset outside India have to be
disclosed.
Furnishing of return
by such a resident (with assets abroad) would be mandatory irrespective of the
fact whether the resident taxpayer has taxable income or not. It was mention in
union budget 2012-13. The proposal is effective from April 1, 2012
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