banner_ad
pdf

Foreign Asset Reporting - At a Glance

  Download   Preview

If any individual has assets located outside India (foreign assets), such individuals are required to file a tax return to report such foreign assets irrespective of the income of the assessee. • Section 139(1) is amended by Finance Bill 2012, which states the following points: o If the Individual or HUF ROR has foreign assets, filing of tax return is mandatory even if the resident does not have any taxable income. o Return has to be filed electronically even if the taxable income does not cross 10 Lakhs • New ITR forms (ITR-2, ITR-3 and ITR-4) have been notified by government for F.Y.2011-12. In these forms Schedule FA has been inserted. • The information is required to be reported in INR. The foreign assets are: • Foreign Bank Accounts; or • Financial Interest In any Entity outside India; or • Immovable Property outside India; or • Any other Asset outside India; or • Details of account(s) in which the assessee has signing authority #pdf
Mohit Parihar

on 14 June 2012

Other files by the user
266 times
108 KB
Rating: Total votes : 15

Download Other files in Income Tax category


Share Report

CCI Pro
Comments

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Trending Downloads

pdf
ICAI Releases Code of Ethics 2026 - Vol I
On : 01 June 2026
Download
pdf
ICAI Releases Code of Ethics 2026 - Vol II
On : 01 June 2026
Download
pdf
ICAI Releases Code of Ethics 2026 - Vol III
On : 01 June 2026
Download

view more



banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Popular Files


  1. GSTN: Enhancements in the e-Way Bill (EWB) Portal
  2. ICAI issues GST Act(s) and Rule(s) Bare Law - April 2026 Edition
  3. ICAI Releases Code of Ethics 2026 - Vol I
  4. CA Intermediate Financial Management and Strategic Management Paper New Course May 2026
  5. RBI Seventh Amendment Directions, 2026
  6. ICAI Releases Code of Ethics 2026 - Vol II
  7. RBI (Urban Co-operative Banks - Governance) Amendment Directions, 2026
  8. ICAI Releases Code of Ethics 2026 - Vol III
  9. RBI Bulletin: May 2026
  10. CA Intermediate Auditing and Ethics Question Paper New Course May 2026

Latest Job Openings

View all
Company
14 May 2026
Senior Associate

ABHISHEK SHANKAR AGARWAL & ASSOCIATES

Kolkata

CA

View Details
Company
14 May 2026
ICSI Trainees for 21 Months and Semi-Qualified CS

CMNITY HIRE

New Delhi

Others

View Details
Company
12 May 2026
Accounts Executive

Nafa Group

Mumbai

B.Com

View Details
Company
ARTICLESHIP 17 May 2026
CA Article /Trainee

Malik Sunil & co

New Delhi

CA Foundation

View Details
Company
14 May 2026
Senior Accounts Executive

Karan Gupta & Co.

New Delhi

Graduate (Any)

View Details
Company
05 May 2026
Accountant

Sanjay K Pathak & Associates

Noida

Graduate (Any)

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details