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What is Foreign Asset Reporting?
Foreign asset reporting is a part of the income tax return in which you are required to submit a report of your foreign assets, mutual funds of foreign companies, and...
MDLast reply by
Mihir Dutta
2Replies
Who is Required to Report Foreign Assets in ITR?
Here are some of the specifics who need to report foreign assets in their Income tax returns:
Indian residents and ordinarily resident individuals need to provide their information on income and...
ARLast reply by
Aishwarya Reddy
2Replies
What is FATCA?
FATCA (Foreign Account Tax Compliance Act) is a law that aims to prevent tax evasion by U.S. taxpayers who hold financial assets in foreign accounts. The US Internal Revenue Service...
AKLast reply by
Aparna Khanna
5Replies
What are Foreign Assets?
A foreign asset means that if a property of an individual, business, or government is situated in a foreign country. It includes investments, such as bonds, stocks, and real estate,...
DVLast reply by
Deepa Verma
5Replies
What is the importance of Disclose foreign Assets in ITR?
The importance of disclosing Foreign Assets in the ITR is:
More Transparency: providing your foreign assets in the Income Tax returns helps the government to track and maintain all the...
