DISCLOSE FOREIGN ASSETS AND INCOME in IT Returns

 

This has caused a lot of problems for taxpayers who have been abroad in recent years. You have to give details of your foreign bank ac count's holding status (both as an owner and as a beneficiary), account opening date, interest accrued during the year and schedule and field number under which the same income is reported.

Any misreporting of foreign assets immediately puts you in the dock. Tax professionals feel that the government is unfairly targeting salaried people when it is actually businessmen who may have stashed black money abroad. The logic used by the tax department is that anyone with foreign assets has high income and should not be spared if he has concealed income

Interestingly, this clause applies to foreigners posted in India as well. But some people have found a way around this rule by limiting their stay in the country to less than three years.

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