Issue/Justification

Most Income tax return forms contain a Schedule FA where the resident assessee has to provide details of any asset located outside India (including financial asset) or signing authority in any bank account located outside India. However, similar provision for disclosing details of assets located in India is missing for Non-residents.

The Non-residents having one or more properties or asset in India should be required to file return of income with regard to income received or accrued or arisen or deemed to accrue or arise in India. Even if the return filed is of nil income, the Department will have the details/ statistics of all such properties held by nonresidents in India which may be useful for taking informed decisions with regard to nonresidents as a whole.

Suggestion

Filing of income tax return should be made mandatory for all Nonresidents owning a property or asset in India.

Source-  ICAI Pre-Budget Memorandum–2018 (Direct Taxes and International Tax)

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Category : Income Tax (27505)
Type : News (13643)
Tags : Budget (1956) Budget 2018 (399) ICAI (2604)

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