banner_ad

Notice on foreign assets

559 views 2 replies

Hello all,

One of my client has worked in netherland last year ( from jan 1st 2024 to june 2025) she did not filed return for asst year 2025-26 as she has paid the tax in netherland. 

She got notice from dept to declare foreign assets and file the return. 

How to proceed with this case?

Please help it's urgent.

Replies (2)
  1. File the Indian Income tax return for AY 2025-26 declaring the foreign income earned in the Netherlands(Jan1 ,2024 to June 2025). The return should be filed under Section 139 of the Income Tax Act. 
  2. Declare foreign assets in the schedule FA(Foreign Assets) of the ITR, as required by the department's notice. 
  3. Claim foreign tax credit (FTC) for the taxes paid in the Netherlands to avoid double taxation. This is done in Form 67 under Rule 128 of the Income Tax Rules. 
  4. Respond to the department notice with the filed return and supporting documents (proof of foreign inocme, tax paid in Netherlands, and Form 67 for FTC. 
  5. Check residency status for the relevant period, as it affects the taxability of foreign income in India. 

which ITR file ? ITR1/1/2/3/4 ?


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details