-
Nov 24, 2023
-
Investing in foreign stocks? Here’s what you should disclose to Income Tax Dept to remain out of trouble
What disclosure requirements are required to be made by Indian investors at the time of furnishing of tax return where investments are made in foreign stocks? And, what are the relevant consequences if such disclosure requirements are not fulfilled?
Answer by Dr Suresh Surana, Founder, RSM India: Every Indian resident (and ordinarily resident) taxpayer who owns or has a beneficial interest in assets abroad or derives income from foreign sources is required to disclose in Schedule FA details of such foreign assets or accounts held or foreign income derived at any time during the relevant calendar year period.
|