foriegn bank a/c interest

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Mateen

Mateen (Querist)
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19 May 2008 how to incorporate bank interest earned from foreign bank a/c which is not shown in the books

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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20 May 2008 Your question is not clear. How the interest will not appear in books? Are you saying that it is retained in the foreign bank itself?

Mateen

Mateen (Querist)
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20 May 2008 the question is

how to incorporate bank interest earned from foreign bank a/c. the foreign bank a/c is not shown in the book. Also, the interest is retained in the foreign bank itself?

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CA. Vineet Grover

CA. Vineet Grover (Expert)
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20 May 2008 Hi Mateen,

As per the wordings, it appears that its an undisclosed account to the income tax department.

You may land into deep trouble for such a consequence.

YOu are advised to disclose the account details with the interest in your books of account.

Rgds/
Vineet

Mateen

Mateen (Querist)
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20 May 2008 hi vineet

we are looking the same as to how should we disclose the same in this years i.e AY 2008-09 return and that's my query pls let me know

thank u