Govt. Introduced New Column for Foreign Assets in Income Tax Forms

In its efforts to check black money stored in foreign banks, Government has introduced a new column seeking details of foreign assets (foreign bank accounts or properties), in the Income Tax Return (ITR) forms for the year 2012-13.

Taxpayers, who hold foreign bank accounts or properties, will now have to provide details of their foreign assets which include information like country name, address of the bank, name mentioned in the account and peak balance during the year, after converting the value of the foreign currency in Indian Rupee (INR).

The taxpayer will have to provide similar information to I-T authorities if he/she holds financial interest in any entity abroad and the details of overseas immovable property and any other asset outside India. The proposal would be effective from 1st April, 2012. No other changes have been made in the six other Income Tax Return forms.