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NRIs may now be asked to disclose bank accounts outside India: Report

Each year, scores of Indians who live abroad for more than 182 days escape the tax net by declaring themselves as 'non-resident'.

BT Online | July 14, 2017 | Updated 12:26 IST
NRIs may now be asked to disclose bank accounts outside India: Report

Each year, scores of Indians who live abroad for more than 182 days escape the tax net by declaring themselves as 'non-resident'.

According to a report in The Economic Times, income-tax authorities have added a new provision in the tax return form (ITR2) which will require all non-residents to disclose details of their bank accounts outside India.

Earlier, non-resident Indians (NRIs) were allowed to claim funds lying in foreign bank accounts as lawful income earned abroad.

A lot of NRIs file tax return in India to pay tax on the income earned from stocks, rental income, real estate transactions, bank deposits and bonds.

However, NRIs will have to share the account numbers of their overseas bank accounts, name of the banks, countries where the bank offices are located as well as the Swift codes and International Bank Account Numbers (IBAN) with the tax office in India, the report said.

A SWIFT code is an international bank code that identifies particular banks worldwide. It's also known as a Bank Identifier Code (BIC). Banks use SWIFT codes to send money to overseas banks.

The move comes at a time when money parked by Indians in Swiss banks nearly halved to 676 Swiss francs (about Rs 4,500 crore) in 2016 to hit a record low amid a continuing clampdown on the suspected black money stashed behind their famed secrecy walls.

 

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