Income Tax Department advised the taxpayer to review these things before filing ITR
The Central Board of Direct Taxes (CBDT) has advised the taxpayer to review his foreign income and assets once before submitting an ITR. Actually, there was a lot of confusion about this. To end this confusion among the taxpayers, the Income Tax Department gave information about the rules of foreign income and property to the taxpayer in its special edition Samvad.
The Central Board of Direct Taxes (CBDT) has advised all taxpayers to review their foreign income and assets before filing an In-Tax Return (ITR) and on the basis of that information fill in the ITR.
This advice was given to the taxpayers in the special edition 'Samvad' of the Income Tax Department. This campaign has been started to make the taxpayer aware. According to this campaign, the taxpayer should give information about the foreign income and assets in the ITR only after carefully reviewing them.
During the session, CBDT Commissioner (Investigation) Shashi Bhushan Shukla said that all Indian citizens have to give information about foreign assets including bank accounts, real estate, shares, and insurance policies that they own.
He further said that the Income Tax Department has given a step-by-step guide in the ITR form "Foreign Assets and Income". With the help of this guide, they can give information about foreign income and property. He emphasized that this rule applies to resident taxpayers. Information about this is given in Section 6 of the Income Tax Act.
Shukla clarified that according to the rules, a resident taxpayer is one who has stayed in India for at least 182 days during the previous year or who has stayed in India for 365 days during the last four years. If a taxpayer does not meet these criteria, he will be considered a non-resident. Non-residents do not need to declare foreign income and property.
Many times, those taxpayers who do not have any foreign income or property also provide the information in ITR. To end the spreading confusion in such a situation, Shukla made it completely clear that taxpayers have to provide information about foreign property and income, he also said that if any taxpayer has purchased any property abroad and is not getting any kind of income from the same, then the information of that property should be provided in the ITR.
If an NRI comes to India and gets Indian citizenship, then he too will have to give information about his foreign property income. The same rule applies to foreign citizens when they attain citizenship in India.
