Do You Also Have Such Bank Account we are talking about foreign bank account, then give the information to the Indian government immediately. The Modi has given time to those who deposit money there till Christmas this year. After this, full information from the respective country and bank will be obtained and strict action will be taken against the income tax.
Do You Also Have Such Bank Account
According to a media report, since last month, the government has started issuing letters to those accounting overseas in this regard. It has been said that before the Christmas, details of tax residency status of your accounts should be provided.
If this is not done, the concerned bank will share all the information with the Government of India. After this news many foreign bank account holders are in dilemma. They are afraid that they will have to face all the questions of income tax on giving information.
Such account holders include a large number of NRIs who have used their address in India when opening an account in tax havens countries. Now, such account holders must present proof of tax residency status to the Government of India.
What is Tax Residency?
It applies to people or companies who are coming to India and abroad. Tax residency determined on the basis of how many days that person spent in India. Generally, if a person lived in India for 182 days or more in the financial year, then it is consider a citizen of India and then tax is levied. However, this scope is different for different types of companies. This arrangement is especially for those people or companies who work or do business in India and abroad.