India wants precise information from individuals on their global assets

New forms for individuals requiring details on global assets

In the Union Budget Proposals 2012, the Government has introduced compulsory filing of tax returns for resident individuals having no taxable income in India, if:

* They hold any foreign assets (including financial interest in any entity), or
* Have signing authority for any accounts located outside India.

This proposal is effective for returns to be filed for the Indian financial year 2011-12 and subsequent years.

The due date for filing of tax returns for the financial year ended 31 March 2012 is 31 July 2012.