Black Money & Income Tax Act Implications – Non-Reporting of Foreign Income/Assets in ITR – Returning NRIs/OCIs, Seafarers, Residents
What is the requirement of disclosing of Foreign Assets in India? Is It Applicable To NRI? As per the requirements of Indian ITR and provisions of Black Money (Undisclosed Income and Assets) and Imposition of Tax Act, 2015, every Ordinary resident is under obligation to report his/her foreign assets in Schedule FA of ITR and offer for taxation all foreign income in the ITR. NRIs/Other Non-Residents are not under obligation to report their Foreign Assets in Indian ITR. What are…
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