Foreign Asset Reporting - At a Glance

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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. â€¢ 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 â€¢ 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. â€¢ The information is required to be reported in INR. The foreign assets are: â€¢ Foreign Bank Accounts; or â€¢ Financial Interest In any Entity outside India; or â€¢ Immovable Property outside India; or â€¢ Any other Asset outside India; or â€¢ Details of account(s) in which the assessee has signing authority #pdf

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Mohit Parihar

on 14 June 2012

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