|India wants Precise Information from Individuals on Their Global Assets|
In the Union Budget Proposals 2012, the Government has introduced compulsory filing of tax returns for resident individuals having no taxable income in India, if:
* They hold any foreign assets (including financial interest in any entity), or
* Have signing authority for any accounts located outside India.
This proposal is effective for returns to be filed for the Indian financial year 2011-12 and subsequent years.
The opinions expressed do not constitute investment advice and specialist advice should be sought about your specific circumstances.
Published on our website on April 20, 2012