Income Tax || How to input foreign bank account details
The refund generated upon processing the income tax return is presently credited directly to taxpayers' bank accounts. It is mandatory to provide the details of the bank accounts where the refund is to be credited for direct processing. However, non-residents who do not possess a bank account in India and seek to claim a refund encountered difficulties in receiving their refunds. This was primarily due to the absence of a dedicated column in the return form for reporting the details of foreign bank accounts held by non-residents to claim a refund.
To alleviate this issue, the Income Tax department has introduced a provision for reporting foreign bank accounts in the return forms to facilitate refund claims for non-residents.
Please note: The option to report a "Foreign Bank Account" is applicable exclusively for non-residents.
To provide details of a foreign bank account, please follow the steps outlined below:
- Open the Income Tax software.
- Navigate to Transactions and select the Additional Information (Bank & Credit Card details) option from the menu bar.
- Choose the "Foreign Bank Account" option, input the required details, and save the information.
I trust this guidance proves beneficial.
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