21 July 2018
I have a foreign bank which I had opened when I was working abroad couple of years ago. My salary went to that account. Now I reside in India for past 3 years. I have not transferred my money in the foreign account to India. There is no income in that account other than interest, for which is taxed there. Do I need to declare that account in ITR? If yes, do I need to mention the interest earned?
22 July 2018
you should report foreign bank account under foreign asset schedule along with interest earned .
Querist :
Anonymous
Querist :
Anonymous
(Querist)
23 July 2018
Thanks for the response. I have one confusion though. If I declare the interest earned, do I need to bring that into total income earned? If so, if I decide not to transmit the money to India at all, then I will be paying unnecessary tax.
CAclubindia
