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Foreign income disclosure by nris for it return in india

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Vineet

21 Points Posted on 22 February 2018

Hello,

I want to check whether I have to disclose my income earned outside India when filing returns in India. I have been working outside India since 2013, hence NRI status. But I have small rental income in India for which I have to file IT return. For the fiscal I am filing I was outside India for the whole year.

My CA says that I MUST disclosure the income I earn outside India. Is this true?

Vineet.

Replies (1)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

211761 Points Posted on 22 February 2018

On 24 July, 2017, CBDT clarified that non-residents who are not claiming refund or non-residents who are claiming a refund but have a bank account in India are not required to furnish details of their foreign bank account in the return of income.

However, non-residents who are claiming income tax refund but do not have a bank account in India may furnish the details of one foreign bank account in the return of income for the issuance of refund.

Further, non-residents are not required to report their assets and financial interests outside India.

NRIs having total income above Rs 5 million are required to report the cost of certain assets (movable as well as immovable) located in India and the corresponding liabilities under the schedule of assets and liabilities (Schedule AL).

This schedule is contained in ITR 2, 3 & 4.