The NRI status has allowed claiming the offshore bank accounts as the legal income. The new system has been included the NRI to disclose the details of the bank in abroad. Since some of Indians were staying in abroad nearly of more than 200 days as “Non-Resident” to escape from the tax and to show the loss in their business. So the NRI (Non-Resident Indian) won’t be easy to stay in abroad to show illegal transactions. It is being ruined that Bank accounts in another country will be eligible for lawful income.
Income tax authorities have included the rule to disclose accounts outside India (Abroad). Indians, who were outside of India, have been in a situation to file the tax return in India. The tax includes property, stocks, bank accounts, and bonds. By the beginning of the year, they should show their accounts to officers regarding name of the bank account, where the bank account opens in other countries, Swift codes and, IBAN. Senior Chartered Accountant Dilip Lakhani said “Many Indians and foreigners who stay in India is not willing to show their bank accounts to their beloved Nation. These rules have been introduced without any change from other notifications”.