Income Tax (IT) Department of India is optimizing the ITR forms to make tax payers furnish all the foreign income, investment related data at the time of filing there tax return. To make Indian residents disclose there foreign assets or incomes (if any), income tax department has added a new column in the ITR forms this year for the AY 2012-13. Which means tax payers who are Indian resident will have to disclose there foreign assets detail while filing there ITR this year for the FY 2011-12 under the head “Details of Foreign Assets”.
Which is further subdivided into four parts i.e ‘Details of Foreign bank accounts’, ‘Details of financial interest in any entity”, ‘Details of immovable property’, ‘Details of any other asset’ and ‘Details of account(s) in which you have signing authority’.
This means if you are Indian resident and have bank account or immovable property outside India in your name then you have to mention all the details of your foreign assets like
Country Name : Name of the country in which you have your bank account or some other financial asset.
Country Code : Country code
Name & Address of Bank: Name of the bank where you have your bank account in foreign country.
Name mention in the account : Your full name that is in the records of the foreign bank.
Peak Balance During The Year : Maximum amount that you kept in your foreign bank account during the last financial year.
You will have to furnish this much details if you have bank account in foreign country likewise for immovable property or other assets you have to give details specific to that asset.
So this simply means if you are a Indian resident and have any sort of foreign investment like shares, bonds, bank account, property then in that case you have to fill ITR 2 in place of ITR 1 and furnish the details of your foreign investments. It is mandatory for all Indian residents (not mandatory for NRI tax payers) to disclose all there foreign assets by filing ITR irrespective of the fact whether the resident taxpayer has taxable income or not.
Download ITR 2 from HERE