NRIs will now have to disclose foreign bank account details to IT dept

New provision introduced in tax return form

by Shallaka Pallikunnath

NRIs will now have to disclose foreign bank account details to the income tax department. Until now it was only the residents who had to disclose overseas bank account details. In this regard, the income-tax authorities have incorporated a new provision in the tax return form (ITR2). All NRIs are required to share account numbers, names of their overseas bank accounts, countries where the bank offices are located as well as the Swift codes and International Bank Account Numbers (IBAN) under the provision. The new provision has been incorporated owing to a perception that many Indians have moved their money from jurisdictions like Switzerland to new destinations such as Dubai, Singapore and Hong Kong. The tax return form, however, has been amended without any change of rules or notification.

References
1. http://economictimes.indiatimes.com/news/economy/policy/nris-foreign-bank-accounts-under-income-tax-lens/articleshow/59584709.cms
CMIE STATISTICS
Unemployment Rate
Per cent
3.2 -0.0
Consumer Sentiments Index
Base September-December 2015
94.9 0.0
Consumer Expectations Index
Base September-December 2015
95.4 0.0
Current Economic Conditions Index
Base September-December 2015
94.1 0.0
Quarterly CapeEx Aggregates
(Rs.trillion) Sep 16 Dec 16 Mar 17 Jun 17
New projects 2.37 1.44 2.91 1.55
Completed projects 2.21 0.94 1.81 1.02
Stalled projects 0.65 1.01 0.35 2.45
Revived projects 0.91 0.17 0.62 0.29
Implementation stalled projects 0.37 0.81 0.33 0.63
Updated on: 28 Jul 2017 9:20AM
Quarterly Financials of Listed Companies
(% change) Sep 16 Dec 16 Mar 17 Jun 17
All listed Companies
 Income 2.1 6.2 10.3 7.7
 Expenses 1.9 6.4 11.8 8.7
 Net profit 14.6 40.4 18.0 0.7
 PAT margin (%) 6.9 6.1 6.2 12.6
 Count of Cos. 4,494 4,492 4,357 320
Non-financial Companies
 Income 0.6 6.0 11.8 7.3
 Expenses -0.2 7.3 15.4 8.6
 Net profit 26.7 24.7 -0.7 -2.1
 PAT margin (%) 6.9 6.2 6.4 12.5
 Net fixed assets -9.2 7.6
 Current assets 8.1 2.4
 Current liabilities 11.6 9.3
 Borrowings 3.1 5.4
 Reserves & surplus 8.4 7.7
 Count of Cos. 3,491 3,493 3,401 232
Numbers are net of P&E
Updated on: 28 Jul 2017 9:30AM
Annual Financials of All Companies
(% change) FY13 FY14 FY15 FY16
All Companies
 Income 12.6 9.9 5.0 1.0
 Expenses 12.8 9.8 5.1 1.2
 Net profit 1.0 -2.3 1.4 -14.2
 PAT margin (%) 3.5 3.2 3.2 3.1
 Assets 14.3 12.3 9.4 8.7
 Net worth 9.6 9.6 8.8 7.6
 RONW (%) 6.8 6.2 6.1 5.4
 Count of Cos. 25,169 22,706 21,937 18,146
Non-financial Companies
 Income 11.9 9.6 4.1 0.0
 Expenses 12.2 9.3 4.3 -0.6
 Net profit -8.5 -2.7 -5.9 8.1
 PAT margin (%) 2.4 2.2 2.2 2.8
 Net fixed assets 12.9 11.6 13.2 12.6
 Net worth 7.8 8.6 7.4 6.9
 RONW (%) 5.5 5.1 4.9 5.6
 Debt / Equity (times) 1.1 1.1 1.1 1.0
 Interest cover (times) 2.1 1.9 1.9 2.1
 Net working capital cycle (days) 72 69 67 66
 Count of Cos. 19,615 18,084 17,557 14,859
Numbers are net of P&E
Updated on: 22 Jul 2017 1:04PM

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