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



Quote:
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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