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
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