Tightening the norms, Income Tax (I-T) Department has introduced a new column seeking details of foreign assets in the Income Tax Return (ITR) forms for the 2012-13 assessment year.
Taxpayers, who hold
foreign bank accounts or properties, will now have to furnish details of their
foreign assets which include information like country name, address of the
bank, name mentioned in the account and peak balance during the year etc.
"An individual
being a resident having assets (including financial interest in any entity)
located outside India or is a signing authority in any account located outside
India shall furnish the return electronically," Chief Commissioner Income
Tax (Delhi) M Sailo
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, she added.
Besides, details of
overseas immovable property and any other 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,"
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