CBDT Press Release I Optional reporting of details of one foreign bank account by the non-residents in refund cases

Dear Reader,

 

Optional reporting of details of one foreign bank account by the non-residents in refund cases

Currently, refund generated on processing of return of income is directly credited to the bank accounts of the taxpayers. Availability of the detail of bank accounts in which the refundis to be credited is a precondition for direct credit of refund in the bank accounts.

Various representations were received from the non-residents that they are facing difficulties in getting refund as they do not have bank account in India and there is no column in thenotified form of return of income for reporting details of foreign bank account by the non-residents for this purpose.

Recently, the Central Board of Direct Taxes (CBDT) has issued a press release stating that a facility has been provided in the income-tax return for reporting of details of bank accountby non-residents, who do not have bank account in India and who are claiming income-tax refund. Therefore, the non-residents who are not claiming refund or non-residents who are claiming refund but having a bank account in India are not required to furnish details of their foreign bank account in the return of income. However, the non-residents, who are claiming income-tax refund and not having bank account in India may, at their option, furnish the details of one foreign bank account in the return of income for issuance of refund.

For the CBDT press release contact info@uja.in

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