Income Tax return: No relief for Indian citizens with foreign assets

Income Tax return: No relief for Indian citizens with foreign assets

The Income Tax Department will retain the detailed questions on foreign assets and income of resident Indian citizens in the revised tax return forms, to be issued shortly. The relaxation announced by the finance ministry on Sunday pertains only to expatriates, who would be required to disclose foreign assets acquired before their India stint only if those assets do not yield income in the year for which return is filed. Resident Indian citizens are excluded from this relief.