Offshore asset reporting expands to require residents with foreign assets or beneficiary interests to file income tax returns. Residents not ordinarily resident who would otherwise be exempt must file an income-tax return if they hold, as beneficial owner or otherwise, any asset or financial interest located outside India, have signing authority in a foreign account, or are a beneficiary of any foreign asset. The amendment defines 'beneficial owner' as an individual providing consideration for the asset and 'beneficiary' as an individual deriving benefit where another provided the consideration. Investment funds of the specified class not otherwise required to file must furnish annual returns and are subject to the Act as if filing under the principal provision.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Offshore asset reporting expands to require residents with foreign assets or beneficiary interests to file income tax returns.
Residents not ordinarily resident who would otherwise be exempt must file an income-tax return if they hold, as beneficial owner or otherwise, any asset or financial interest located outside India, have signing authority in a foreign account, or are a beneficiary of any foreign asset. The amendment defines "beneficial owner" as an individual providing consideration for the asset and "beneficiary" as an individual deriving benefit where another provided the consideration. Investment funds of the specified class not otherwise required to file must furnish annual returns and are subject to the Act as if filing under the principal provision.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
