Declaring overseas assets may soon become mandatory under DTC


The government may make it mandatory for all taxpayers to provide details of their overseas assets, including bank accounts, while filing their annual tax returns, as the drive against tax evasion gains momentum. The proposed Direct Tax Code, or DTC, has a provision that seeks to cast an obligation on taxpayers to furnish full details of foreign assets.
http://economictimes.indiatimes.com/personal-finance/tax-savers/tax-news/government-may-make-declaring-of-overseas-assets-details-mandatory-by-taxpayers/articleshow/11547338.cms

 

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