New ITR Forms will include Foreign Assets and Accounts

New ITR Forms includes Foreign Assets and AccountsA new column has been inserted in the new ITR Forms by the Government for FY 2012- 13 in order to curb the black money held by Indians in foreign banks. The new column inserted in new ITR shall provide details of all foreign assets and properties held outside India. The new ITR Forms has been amended to provide full details of the foreign assets & accounts held outside India.

One holding foreign assets & other bank accounts will have to furnish details in respect of the said accounts and assets held and shall include information like country name, address of the bank, name mentioned in the account and balance during the year, after converting the value of the foreign currency in INR.

If any individual has any “signing authority” in any of the foreign assets and accounts held outside India the details in respect of the same shall be required to be disclosed by the taxpayer to the IT Department. Any assets, immovable properties, bank accounts etc held outside India needs to be disclosed in the new ITR Forms by the taxpayer. If any financial interest is there in any entity, any immovable properties etc it needs to be dosclosed to the IT Department.

The Budget also proposes that – Furnishing of return by such a resident (with assets abroad) would be obligatory irrespective of the fact whether the resident taxpayer has taxable income or not.

The new amendment in the ITR Forms shall be effective from April 1, 2012 with retrospective effect respectively.

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