NRIs’ foreign bank accounts under income tax lens
Beginning this year, NRIs will have to share with the tax office all the details of their overseas bank accounts.
MUMBAI: For decades, many Indians have escaped tax and legitimised their money stashed abroad by staying 182 days out of the country every year and declaring themselves as ‘non-resident’.
The status of a non-resident Indian, or NRI, allowed them to claim such funds lying in offshore bank accounts as lawful income earned abroad. From now on, this won’t be easy.
Credit: timesofindia.indiatimes.com