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Tax department's demand to disclose foreign bank accounts
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MUMBAI: As the July 31 deadline for filing tax return nears, many non-resident Indians (NRIs), expats, as well as foreigners with investments in private equity and hedge funds here are puzzled by the strange new demand from the Indian tax office asking them to disclose their bank accounts held across the world.

Neither can they figure out the reason nor are they comfortable with sharing details of offshore accounts with the income-tax department which cannot tax earnings from such a ..

Read more at:
http://economictimes.indiatimes.com/articleshow/59729336.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
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