For the Assessment 2013-14, it is mandatory for resident assessee to file the Income Tax Return if he/she has any foreign assets or Taxable Income not more than 5 lakhs. The filing is mandatory even if there is no taxable Income or even if the income is below the applicable basic exemption limit. The assets covered include bank accounts, immovable property and interest in any company. The taxpayer will have to mention the peak bank balance in his account during the year as well as the total investment in other assets at cost price. Further, the details country name, address of the bank, etc are also required to be mentioned. It is applicable only to resident assessee.
The definition of the term “resident” as per Income Tax Act would be relevant. In such a situation, the term resident would need to be read as including “not ordinarily residents” as well. Presence in India of more than 182 days during a financial year or 60 days along with a cumulative stay of more than 365 days in the preceding four years, will trigger a “resident” status in India. Residents but not ordinarily residents (RBNORs) are exempted from this reporting requirement.
The return in such case can be filed in ITR-2 or ITR-3 or ITR-4 depending upon the nature of income. E-filing is mandatory in such case. [Notification No. S.O. 626 (E) Dated 28.03.2012]
