Non Resident Not ‘Devo Bhavah’!
The tax department has dropped a bombshell on Non Resident Indians (NRIs) and Foreign Nationals quietly.
Non residents, who avoided disclosure of their income parked outside India by maintaining the status of Non Residents will not be able to do so now onwards. As per existing laws, income earned outside India are not taxable in the hands of a Non Resident. Neither is the NR required to disclose his foreign source assets in his tax return. Continue reading “Tax Authorities want Non Resident Indians to disclose foreign bank details”