I-T Dept adds new column for declaring foreign assets

PTI Updated - July 23, 2012 at 07:38 PM.

Tightening the norms, Income Tax (I-T) Department has introduced a new column seeking details of foreign assets in the Income Tax Return (ITR) forms for the 2012-13 assessment year.

Taxpayers, who hold foreign bank accounts or properties, will now have to furnish details of their foreign assets which include information like country name, address of the bank, name mentioned in the account and peak balance during the year etc.

“An individual being a resident having assets (including financial interest in any entity) located outside India or is a signing authority in any account located outside India shall furnish the return electronically,” Chief Commissioner Income Tax (Delhi) M Sailo said here on Monday.

For example, a salaried person having any form of foreign assets including shares or bond of foreign company is required to fill ITR 2 instead of ITR 1, she added.

Besides, details of overseas immovable property and any other asset outside India have to be disclosed.

The then Finance Minister and now President-elect Mr Pranab Mukherjee had announced in the Budget speech this year that new steps will be taken to make compulsory the reporting of assets held by Indians abroad.

“Furnishing of return by such a resident (with assets abroad) would be mandatory irrespective of the fact whether the resident taxpayer has taxable income or not,” the Budget statement had said.

The proposal is effective from April 1, 2012.

Published on July 23, 2012 14:08