Foreign income and bank account

Hi all

 

Client was working in US for last financial year and returned back to India recently, she didn't closed her bank account there.

 

Now she got intimation to show foreign assets in itr?

1) She has to file her incometax return showing foreign income or need to declare bank account details?

2) if she has to declare foreign income how to get tax certificate?

Please help it's very urgent 

Replies (2)
Quick Summary
This discussion addresses whether an individual needs to declare foreign income earned while working in the US and a US bank account in their Indian Income Tax Return (ITR). The key factor determining disclosure requirements is the individual's residential status in India. If the client is classified as Non-Resident or Resident Not Ordinarily Resident (RNOR), foreign income and assets generally do not need to be declared in the Indian ITR. Disclosure is typically required only if the individual is a Resident and Ordinarily Resident (ROR). It's crucial to verify the residential status recorded in the incometax.gov.in profile, as a system-generated intimation might be based on an outdated or incorrect status.

If the client is Non-Resident or RNOR, she does not need to declare foreign income or the US bank account in her Indian ITR, even if the account is still open. Foreign income and Schedule FA disclosure apply only if she is Resident & Ordinarily Resident (ROR). The intimation received is likely system-generated. First confirm residential status—this resolves the issue entirely.

Advice

Please check in incometax....profile...status... ( Because even if assessee is NRI and status in profile not corrected....itr will be processed accordingly)

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