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aravind (Querist)

11 February 2013 Hello..

One of my friend came to India on August 17th 2011. So he is resident in India for AY 2012-13. He was doing Job in US till he came to India. He holds Bank accounts in US and a bank balance of nearly one crore which earned from salary and some other consultancy income.

Here in India, he incorporated a company and is getting managerial remuneration.

Now which ITR should be filed for him. and whether the foreign assets should be disclosed.

Please help me.

Nikhil Kaushik

Nikhil Kaushik (Expert)

11 February 2013 please fill ITR 1 or ITR 2 depending on all the incomes he is receiving.

Yes, foreign assets should be disclosed.

CA Ashish Joshi

CA Ashish Joshi (Expert)

11 February 2013 The assets can be shown under Wealth Tax returns. The exemptions will be available for such assets repatriated to India.

ITR shall be filed as per Salaried person for the Director i.e. ITR 1 OR 2.

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