• Declaring existing income in foreign bank account

Hi,

I was posted onsite in 2011 for about 15 months. I came back in Sep 2012. I still have my Bank of America account with $3475 in it split as $1061.95 in savings and the rest in checking. I have not done any transactions in the last 4 years. I've been earing $0.01 interest per month from Aug 2014 up until Oct 2015 - total of $0.15. Do I need to declare anything under undisclosed income Form 1 ? And what are the taxes I might have to pay based on that ?

Any inputs would be helpful.
Asked 2 years ago in Income Tax from Bangalore, Karnataka
Dear Sir

To come to a conclusion that whether you should declare this income under IDS or not, we need to first know whether this income is taxable at all or not? 

Whether you were resident or non resident in the year in which it has been earned?

Please let us know the above

Thanks and Regards
Abhishek Dugar
CA CS B.Com
Abhishek Dugar
CA, Mumbai
2934 Answers
123 Consultations

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Are you sure, you have filed return as a resident. Because there are chances of you becoming NRI in FY 2011-12.
Abhishek Dugar
CA, Mumbai
2934 Answers
123 Consultations

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Hello Sir,

You can ignore the transaction as the amount is very petty. (assuming your undisclosed income is only $0.15/- and nothing else.)

Trust this clarifies your query. 

Feel free to call / get back in case of further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP.
Rohit R Sharma
CA, Mumbai
2104 Answers
91 Consultations

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Hope the same is answered as I was out of country for work. If you need further answers pl mail on modani005@gmail.com
Shyam Sunder Modani
CA, Hyderabad
1408 Answers
95 Consultations

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