9911796707
TMI BlogNon-declaration of Foreign Assets and Income for Financial Year 2021-22X X X X Extracts X X X X X X X X Extracts X X X X ..... Non-declaration of Foreign Assets and Income for Financial Year 2021-22 X X X X Extracts X X X X X X X X Extracts X X X X ..... clare now by way of filing ITR-U ? What is remedy ? Thanks a lot. Reply By Padmanathan Kollengode: The Reply: Sir, let me share you a similar practical experience I had first:- An assessee did not produce the details of 'barclays bank' held in Canada at the time of filing ITR of FY 21-22 as he was not having any continuing relationship with the banker. However, the account was not clo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed and there was some very small balance lying in that account which even the assessee had forgotten. In Nov 2022 or so, he received a summons notice from IT Department stating that said a barclays bank account was operational in Canada and whether it was disclosed in return, whether income was included and so on. The Department had stated that this information was received via 'Exchange of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Information'. Since (fortunately), there was no income from that particular account, a reply was given stating the above facts and matter was closed. Coming to the query, If there is any tax payable on account of foreign asset in India, it is advisable to file ITR-U. However, if there is no tax implication, then it would not be possible to file ITR-U also. Reply By KASTURI SETHI: The Reply ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... : Sh.Padmanathan Kollengode Ji, I am deeply indebted to you for your help. Reply By Nanu Arora: The Reply: Most respected @KASTURI SETHI Ji Thanks for creating this thread and respected @Padmanathan Kollengode Ji thanks for replying. In the ITR-2 filed for FY 21-22 there is no taxable income, after taking into account all the deductions and the only source of income is interest income. For th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e ITR of FY 22-23 all the FA schedules etc. were filed. Now in FY 21-22 there is only dividend income and interest income from US stocks which is less than Rs. 460, combined. This amount is after the 25% tax deducted in the US under the DTAA with India. As far as what we have read, ITR-U is not applicable for this purpose. Revision of return can be done only before intimation u/s 143(1) is filed. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Now there are doubts about rectification of return, some articles/youtube videos say that under rectification FA schedules etc. can be shown but some of them say that it cannot be shown as the tax liability will still be zero. The total initial value of the investment as per the data provided by the aggregator is 1.66 Lacs and the peak and closing values were around 4.72 lacs during FY 21-22, ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e were no capital gains. Kindly guide us how to proceed here? X X X X Extracts X X X X X X X X Extracts X X X X
|
