Optional reporting of details of one foreign bank account by the non-residents in refund cases (Press Release 24-July-2017)

Optional reporting of details of one foreign bank account by the non-residents in refund cases (Press Information Bureau, Government of India, Ministry of Finance  24-July-2017)

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

Income-tax Return Forms for the Assessment Year 2017-18 were notified on 30th March, 2017. A number of 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 the notified form of return of income for reporting details of foreign bank account by the non-residents for this purpose.

In view of this, a facility has been provided in return utility for reporting of details of bank account by nonresidents, who do not have bank account in India and who are claiming income-tax refund. Therefore, the nonresidents 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 nonresidents, 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.

Published by Business So Simple

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