Thursday, July 25News That Matters

Have a Bank Account outside India ? e-Filing of IT return mandatory


Are you an Indian professional who has worked abroad on assignment and opened a bank account outside India ?  Even if you have $1 in that bank account,  it is now mandatory to file Income Tax return online.

Latest Income Tax circular has made it mandatory to file Income tax return online, if  an individual or a Hindu Undivided Family (HUF), being a resident, having assets (including financial interest in any entity) located outside India or signing authority in any account located outside India.

All resident people with bank account, financial interest in any entity, immovable property, any other asset and singing authority of any account outside India need to file Income tax return.

They are required to furnish the return in Form ITR-2 or ITR-3 or ITR-4.

You will need to file return online even if your total income is below taxable limit.

This is applicable for the individuals who are resident in India.

For filing the return online, having Digital Signature is NOT Compulsory. Returns can be filed with or without digital signature.

In case the returns are filed with digital signature, no further action is required.

In case returns are filed without using a digital signature, tax payer needs to send ITR-V (Acknowledgement) to the Income Tax department.

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