Ask a Question
Foreign Bank Account reporting (FBAR) is an important report that should be submitted by the taxpayers of US citizens and NRIs, which helps them disclose their foreign financial accounts. FBAR is a separate form, which is different from the US tax return, which is used to prevent tax evasion and money laundering, and it is governed by the Bank Secrecy Act (BSA) and allows individuals to report their financial holdings to the Financial Crimes Enforcement Network (FinCEN) through the Form 114.
Given below are the easy and simple steps through which you can file your FBAR:
Here are the documents required to file FBAR:
Share Your Thoughts and Connect with Others.
A foreign tax credit allows residents to pay the tax on their foreign income in another country to lower their tax liability in India. The main purpose of the foreign...
A Form 15CA is a declaration that is used to collect the information which is related to the payments that are chargeable to tax with Non-residents. It is a useful...
Here are the deductions under the Income Tax for the NRIs. For the NRIs, most of the deductions fell under Section 80. A maximum deduction under section 80C is up...
Here are some of the best ways for the NRIs to send money to India. Wire Transfer: A Non-resident of India (NRI) can transfer their money from foreign or their...
NRI funds repatriation means the transfer of funds from the NRI bank account to an Indian bank account or their residence country bank account. It includes both processes of sending...
To download Form 16 for the salaried, you need to follow the given steps below: First, you need to visit the official website of the Income Tax Department. Now, log...
Section 90A of the Income Tax Act is applicable between the specific associations of two countries that have signed the Double Taxation Avoidance Agreement (DTAA). This Section allows for a...
Section 91 of the Income Tax Act applies to an individual who is eligible to claim the tax relief under a condition if the DTAA is not present between Indian...
Here are some of the major advantages of the double taxation treaties for Indian residents, which help them manage international investments and incomes. DTAA provides tax exemptions for people who are...
The Password for the Form 16 is the first five letters of your PAN and the date of birth in the DD/MM/YYYY format. Taxpayers will get their Form 16 passwords...
Let Savetaxs guide you to the perfect solution for all your queries.
Types of accounts that you can report under the FBAR, NRIs can report different types of their financial accounts in the FBAR file, which we are going to see below: