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