In India, newly added one column in income tax (IT) forms.
The IT department has introduced a new column seeking details of foreign assets and bank accounts (A/Cs) in the Income Tax return (ITR) forms for the financial year 2011-12, that is for the 2012-13 assessment year.
Indian Taxpayers, who hold foreign properties / foreign bank accounts, will now have to furnish details of their foreign assets which include information like name of the country, place of assets, address of the bank, name mentioned in the account and peak balance during the year (2011-12).
According to one of the commissioner in Chennai Income Tax office, “An individual being a resident having assets including financial interest in any entity located in other foreign country or is a signing authority in any account located outside India shall furnish the return electronically,“
For an example, one salaried person having any form of foreign assets including shares or Mutual funds or bond of foreign company is required to fill ITR 2 instead of ITR 1.
Besides, 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 Indian resident taxpayer has taxable income or not. It was mention in the central budget for the year 2012-13. The proposal is effective from April 1, 2012
No comments:
Post a Comment