CBDT clarifications on Income Tax return bring relief to NRIs

Non-residents will not need to disclose their directorships in foreign companies that do not generate any income from India in their tax return forms, the Central Board of Direct Taxes has said. 

The apex direct taxes body on Tuesday issued a set of fresh clarifications for filing of income tax returns. The deadline for filing of I-T returns is August 31. 

The move comes following representations from the industry seeking clarifications on various aspects to the new return forms. 

“It is hereby clarified 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,” it said. 

Besides, a non-resident taxpayer who is director in a domestic company and also in a foreign company, which does not have any income received in India, or accruing or arising in India, would only need to provide details of directorship in the domestic company, CBDT said. #casansaar (Source - PTI, Economic Times)