FAQ's

Income Tax

FEMA/RBI Regulations

Filing Of Return Is Mandatory If Assessee As Foreign Assets

(nritaxservice/news-articles/dated May 10, 2015)

• The Finance Bill, 2015 as passed by the Lok Sabha has proposed mandatory filing of return by a person, being an ordinary resident in India, who at any time during the previous year:

• holds, as a beneficial owner or otherwise, any asset (including financial interest in any entity) located outside India or has signing authority in any account located outside India; or

• is a beneficiary of any asset (including any financial interest in any entity) located outside India.

• However, filing of return shall not be mandatory under this proviso for an individual, being a beneficiary of any asset (including any financial interest in any entity) located outside India, if income arising from such an asset is includible in the income of the person who is beneficial owner of such an asset.