Non-resident Indians (NRIs) won’t be required to disclose their overseas bank accounts in the income tax return form, the Central Board of Direct Taxes (CBDT) has said. “It is not a mandatory field in the return. It is there only for those who wish to seek refunds,” CBDT chairman Sushil Chandra told reporters on the sidelines of an Income Tax Department event on Monday.
Chandra was responding to queries on the new return form seeking details of bank accounts held outside India by non-residents, excluding dormant accounts. ET earlier reported that some NRIs were confused by a column in the return form seeking details of bank accounts.
The CBDT received representations last year from NRIs in which they asked for an option to provide foreign account numbers as there was no provision to mention them. “A number of representations were received from non-residents that they are facing difficulties in getting refund as they do not have bank account in India and there is no column in the notified form of return of income for reporting details of foreign bank account by the non-residents for this purpose,” a CBDT statement later said.
In view of this, space has been provided in the return for reporting of details of overseas bank accounts by NRIs who don’t have accounts in India and are claiming income-tax refunds, it said. “Therefore, the non-residents who are not claiming refund or non-residents who are claiming refund but having a bank account in India are not required to furnish details of their foreign bank account in the return of income.
However, the non-residents, who are claiming income-tax refund and not having bank account in India may, at their option, furnish the details of one foreign bank account in the return of income for issuance of refund,” the statement said.
Source: http://bit.ly/2uUBZSj
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| Tax Consultant in India |
Chandra was responding to queries on the new return form seeking details of bank accounts held outside India by non-residents, excluding dormant accounts. ET earlier reported that some NRIs were confused by a column in the return form seeking details of bank accounts.
The CBDT received representations last year from NRIs in which they asked for an option to provide foreign account numbers as there was no provision to mention them. “A number of representations were received from non-residents that they are facing difficulties in getting refund as they do not have bank account in India and there is no column in the notified form of return of income for reporting details of foreign bank account by the non-residents for this purpose,” a CBDT statement later said.
In view of this, space has been provided in the return for reporting of details of overseas bank accounts by NRIs who don’t have accounts in India and are claiming income-tax refunds, it said. “Therefore, the non-residents who are not claiming refund or non-residents who are claiming refund but having a bank account in India are not required to furnish details of their foreign bank account in the return of income.
However, the non-residents, who are claiming income-tax refund and not having bank account in India may, at their option, furnish the details of one foreign bank account in the return of income for issuance of refund,” the statement said.
Source: http://bit.ly/2uUBZSj
