India - New forms for individuals requiring details of global assets

Global Watch ()

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.