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.

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.

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Credit: timesofindia.indiatimes.com