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Overseas Assets Disclosure Not Applicable to NOR

Posted @ July 30, 2012, 9:31 pm under (Expat taxation)

According to 3rd Proviso to Section 139 of the I. T. Act has been introduced with effect from 01/04/2012 the requirement for submitting the details of Overseas Assets are restricted to Resident and Ordinarily Resident (R & OR) it is not applicable to Not Ordinarily Resident in India (NOR).

Extract of proviso to Section 139[(1) is given below for reference:
9a[Provided also that a person, being a resident other than not ordinarily resident in India within the meaning of clause (6) of section 6, who is not required to furnish a return under this sub-section and who during the previous year has any asset (including any financial interest in any entity) located outside India or signing authority in any account located outside India, shall furnish, on or before the due date, a return in respect of his income or loss for the previous year in such form and verified in such manner and setting forth such other particulars as may be prescribed :

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