Only NRIs applying for tax refunds have to share foreign bank account details, says CBDT
The policy-making body had released new Income Tax Return forms on March 31.
The Central Board of Direct Taxes on Monday said non-resident Indians do not have to share their foreign bank account details if they are not applying for tax returns. It is only compulsory for those seeking tax refunds, CBDT Chairperson Sushil Chandra said, PTI reported.
The policy-making body released new Income Tax Return forms on March 31. A section in it sought details of foreign bank accounts held during the previous financial year. Many non-resident Indians had reportedly expressed concerns about the development and were not comfortable releasing such information to the tax department.