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  #1  
Old 14th July 2017, 03:19 PM
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Default NRIs Have to Declare Foreign Bank Accounts



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Most NRIs, even those who have been away for years, file tax return in India to cover their income from stocks, properties and fixed income instruments like bank deposits and bonds.

Beginning this year, they will have to share with the tax office 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).
Tax on NRIs: NRIs' foreign bank accounts under income tax lens

What next?

Will government ask NRIs to disclose all their income sources in future?
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  #2  
Old 13th September 2017, 09:12 PM
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It's only a matter of time when India will have similar tax rules as of USA.
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  #3  
Old 14th September 2017, 10:53 AM
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Originally Posted by Alchemist View Post
Tax on NRIs: NRIs' foreign bank accounts under income tax lens

What next?

Will government ask NRIs to disclose all their income sources in future?
There was a clarification earlier that only in case of refund and when the NRI doesn't have an Indian bank account, then they need to furnish overseas bank account details.
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Old 14th September 2017, 12:47 PM
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Smile Good Decision

A good decision has been taken since many people evade their tax and which exactly gets added to their black money and the government suffers from a deficit of funds. All should declare their total income and should provide respective taxes to the government.
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Old 15th September 2017, 10:57 AM
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Originally Posted by mintwalk2 View Post
A good decision has been taken since many people evade their tax and which exactly gets added to their black money and the government suffers from a deficit of funds. All should declare their total income and should provide respective taxes to the government.
There are many low hanging loopholes are there to stop first rather than attacking and asking all the info and history of anybody associated with India. Many NRIs convert / bring the money into india through legal channel (Pvt banks) through exotic schemes floated by them like...Insurance cum saving schemes etc. If you want details...just visit any private banks with your USD account and see the magic.
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