Thursday, April 16, 2015

Income tax department to take closer look at Overseas Assets

The apex body, Central Board of Direct Taxes (CBDT), has directed all tax circles that assessing officers should identify all foreign assets declared in income-tax statements and "examine various aspects related to the foreign assets such as verification of source of investment, tax ability of income arising from the assets, etc". Everyone having accounts with offshore banks, or owning properties or stocks abroad will be subject to scrutiny.


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