Mutual Fund Application Forms Download Any Applications
Invest in Tax Saving Mutual Funds Invest Online
Infrastructure Bond Application Forms Download Applications

Wednesday, December 13, 2017

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.






Invest Rs 1,50,000 and Save Tax up to Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds. Save Tax Get Rich

For further information contact SaveTaxGetRich on 94 8300 8300

OR

You can write to us at

Invest [at] SaveTaxGetRich [dot] Com

OR

Call us on 94 8300 8300




 

No comments:

Post a Comment

Mutual Fund Application Forms Download Any Applications
Invest in Tax Saving Mutual Funds Invest Online
Infrastructure Bond Application Forms Download Applications

Popular Posts