CBDT : Issues further clarifications on foreign directorships, foreign assets disclosure in ITR-Forms

 

CBDT issues further clarifications in respect of filling up of ITR forms for AY 2019-20, in partial modification of Circular No 18/2019 dated August 8, 2019; Regarding disclosure of foreign directorship details in ITR Form 2&3 Part A, column (h), CBDT considers representations that non-residents should not be required to disclose details of directorship in foreign companies and disclosure requirement should be limited to only to assets and incomes which have a nexus with India; Accordingly, clarifies that “a non-resident shall not be required to disclose details of his directorship in a foreign company, which does not have any income received in India, or accruing or arising in India”; However, states that a resident taxpayer would continue to be required to disclose details of his directorship in any company, including foreign company, in the relevant column; Regarding disclosure in ITR Forms 2, 3,5,6,7 Part-B-TTI of details of foreign assets etc.

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