INCOME TAX DEPARTMENT ADDS NEW COLUMN FOR DECLARING FOREIGN ASSETS
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.
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.
Besides, details of
overseas immovable property and any other asset outside India have to be
disclosed.
The Finance Minister and
now President-elect Pranab Mukherjee had announced in the Budget speech this
year that new steps will be taken to make compulsory the reporting of assets
held by Indians abroad.
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.
