India - New forms for individuals requiring details of global assets

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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.