Foregin Bank Account details submission for Non- Resident
The refund generated on processing of return of income is currently credited directly to the bank accounts of taxpayers. Providing the details of bank accounts in which the refund is to be credited is mandatory for direct credit of refund in accounts. So the Non- Resident who do not have a bank account in India and want to claim a refund were facing difficulty in getting a refund. This is because; earlier there was no column in the return form for reporting details of foreign bank account held by Non- Resident to claim a refund.
The Income Tax department, provided the facility for reporting the foreign bank accounts in the return forms in order to claim refunds.
Note: - The option of “Foreign Bank Account” is enabled only in the case of Non-Resident.
To fill foreign bank Account details, please follow the process below:
Open the Income Tax software - Go to Transactions → Additional Information (Bank & Credit Card detail) option given in the menu bar
Click on “Foreign Bank Account” Option
Related Articles
Process to generate TDS Return (Salary / Non Salary / Non Resident / TCS)
TDS stands for tax deducted at source. As per the Income Tax Act, any company or person making a payment is required to deduct tax at source if the payment exceeds certain threshold limits. TDS has to be deducted at the rates prescribed by the tax ...Section 115 A- Tax on dividends, royalty and technical service fees in the case of foreign companies
Rate of tax shall be 20% under Section 115A on dividend (other than dividends referred to in section 115-O) received by a foreign company or a non-resident non-corporate assessee Follow the below steps to enetr Section 115 A detail. Open the Income ...Bank Details /Capital Gain Statement / NSC/KVP Details/ TDS details Viewing and Printing Process in the computation report
Process to View and Print Bank Details / Capital gain Statement / NSC / KVP Details / TDS details in the computation report. This feature allows the user to view transactions related to above in DETAIL in the computation report. 1. Process to view ...CMA - How to change "Cash in hand And Bank Balance" value
CMA - How to change "Cash in hand And Bank Balance" value Solution In cma "Cash in hand And Bank Balance" is a balancing figure , This value software auto calculates to match the balance sheet, whatever is the difference between Liabilities and ...Guidance process for Notes of Accounts and Significant Accounting Policies (Non Company Case)
How to prepare notes of accounts and significant accounting policies for non-company cases? The disclosure of accounting policies is particularly important in situations where an organisation chooses to follow policies that are generally being used ...