Foreign asset disclosure requirement: resident taxpayers with overseas assets or signing authority must file prescribed income tax returns. A proviso to section 139(1) requires a resident other than not ordinarily resident in India, who is not otherwise required to file a return but who during ... Summary
Foreign asset disclosure requirement: resident taxpayers with overseas assets or signing authority must file prescribed income tax returns.
A proviso to section 139(1) requires a resident other than not ordinarily resident in India, who is not otherwise required to file a return but who during the previous year had any asset (including any financial interest in any entity) located outside India or signing authority in any account outside India, to furnish a return on or before the due date in the prescribed form, verified as prescribed and setting forth prescribed particulars. Explanation 2 is amended to adjust references to assessees and to replace a company-specific reference with the word "who."
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