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Disclosure of foreign bank account

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Querist : Anonymous

Querist : Anonymous (Querist)

21 July 2018 I have a foreign bank which I had opened when I was working abroad couple of years ago. My salary went to that account. Now I reside in India for past 3 years. I have not transferred my money in the foreign account to India. There is no income in that account other than interest, for which is taxed there.
Do I need to declare that account in ITR? If yes, do I need to mention the interest earned?

CA Mayur Todmal

CA Mayur Todmal (Expert)

22 July 2018 you should report foreign bank account under foreign asset schedule along with interest earned .

Querist : Anonymous

Querist : Anonymous (Querist)

23 July 2018 Thanks for the response. I have one confusion though. If I declare the interest earned, do I need to bring that into total income earned? If so, if I decide not to transmit the money to India at all, then I will be paying unnecessary tax.

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