Priya Singh (Finance Professional) (52 Points)
09 April 2015Hello friends
I was working in US and came back 2011. i have no income since then but have account with $30000. but interest is very low and my total income is below threshold to file and i have'nt filed any returns.
now i found out i had to file null return from 2012 onwards.
i will be filing this yr, but what shoud i do about missing 2012-2014
thanks for help
Nikhil Kaushik
(Fellow CA)
(85758 Points)
Replied 10 April 2015
You can file for FY 2013-14 and FY 2014-15. For the earlier years, you cannot file suomoto. Further, if there is no income, there is no regulatory requirement for filing of the return
Priya Singh
(Finance Professional)
(52 Points)
Replied 14 April 2015
Thanks for the reply.
I was worried because I heard THE FINANCE ACT, 2012 says all foreign assets should be reported even if they have no income.
Nikhil Kaushik
(Fellow CA)
(85758 Points)
Replied 15 April 2015
absolutely priya. the mandatory requirement is there. But only for the years where your tax status is resident. So, depending on days spent in and outside India, first you need to check your tax status. Only after determination of the tax status, the applicability of the said tax law can be checked.
Having said above, you are definitely getting covered under this amendment for last two years.
CAclubindia
