Are you NRI,OCI,PIO? Then need to give lot of details in new ITR of AY 2019-20 to avail DTAA benefit

 New ITR forms released for Assessment Year 2019-20. If you are a NRI,OCI or PIO, then you are required to furnish lot of informations in the newly released ITR forms to avail the benefits of Double Taxation Avoidance Agreement(DTAA). Mainly you need to furnish following important details while filing ITR for A.Y 2019-20.


> Tax Identification Number of your overseas resident country (like your NI number in United Kingdom).

> Overseas Income & Assets held.

> Tax Residency Certificate


Also, Overseas Citizens of India & Persons of Indian Origin, who claims Non-resident status need to furnish the number of days stayed in India in the relevant tax year & also the resident details in previous four years.


It is very important to furnish the above details to avail tax benefits of DTAA.


Experts term this change as positive development. The reason behind this, now Income tax department will have lot of information about the Assessee. Also advanced technology like Automation adds more details about the Assessee to the tax authorities. So, it avoids a lot of checks, scrutinies & demand of further details from the tax authorities, since tax authorities themselves got enough details about the Assessee.


Inclusion of fresh clauses in the new ITR forms, ensure all the income sources including overseas income & Assets held outside India will be declared ensuring transparency & disclosure of facts. Like F.A.T.C.A forms of U.S.A, that seeks detailed information of overseas income & assets held outside USA, by its tax residents & its citizens, similarly new ITR forms of A.Y 2019-20 seeks detailed information of overseas income & assets held outside India.


It is always advisible for the assesses to declare all sources of Overseas income & Assets held outside India while filing ITR for AY 2019-20. So that, no troubles arises in future..


Please do contact us with our contact page for UK pensions transfer to Indian QROPS, QOPS, OFFshore-SIPP & USA 401K to IRA services etc.,

Mr Ravi Kumar. Financial Consultant (Code: 60272381, QROPS Consultancy),

A&B Law & Financial Associates, No-2720, 12th, Main, Jayanagar 4th Block, Bangalore-560 011

Cell: +919844519872

Email: ravi.sampige@gmail.com

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