The last date for filing income tax returns (ITRs) for the assessment year (AY) 2017-18 is 31 July 2017. And to claim refunds, one has to provide details of a bank account in which the refund is to be credited. …
Can income tax refund be credited to foreign account?
The refund generated on processing of return of income is currently credited directly to the bank accounts of taxpayers. … Thus the Income Tax department ,on the basis of representations received from the NRI’s ,provided the facility for reporting the foreign bank accounts in the return forms in order to claim refunds.
Can IRS deposit refund to foreign bank account?
The IRS won’t let you direct-deposit into a foreign account, only a domestic account located in the United States. If you designate a foreign account to receive your direct-deposited refund, the IRS will mail you a check instead.
Can the IRS access foreign bank accounts?
Since foreign accounts are taxable, the IRS and U.S. Treasury have a very rigid process for declaring overseas assets. Any American citizen with foreign bank accounts totaling more than $10,000 in aggregate, or at any time during the calendar year, is required to report such accounts to the Treasury Department.
Can Indian resident have foreign bank account?
A resident of India can open, hold and maintain foreign currency accounts in and outside India. The Foreign Exchange Management (Foreign currency accounts by a person resident in India) Regulations, 2015 regulates the foreign currency accounts opened in India.
Can non resident claim TDS refund?
If NRIs file Income Tax Returns (ITR) after the financial year has ended in India, they can claim refunds on the deducted TDS. For an NRI to claim a refund on the TDS deducted, he/she must self-compute their income and tax liability according to existing slab rates.
Can you direct deposit from a international bank?
International Direct Deposit (IDD) is available to U.S. military retirees living in eligible locations overseas. IDD electronically deposits funds on the first business day of the month.
Can I get US withholding tax back?
In general, amounts withheld for US taxes are non-refundable. However, under certain circumstances, such as an incorrect rate being applied to withhold tax, a refund can be obtained.
Do Mexican banks report to IRS?
Your Mexican bank will have to report the interest on that account to the IRS. … If it is over US$10,000, then you have to file what is called the Foreign Bank Account Report (FBAR).
How does IRS know about foreign income?
One of the main catalysts for the IRS to learn about foreign income which was not reported, is through FATCA, which is the Foreign Account Tax Compliance Act. In accordance with FATCA, more than 300,000 FFIs (Foreign Financial Institution) in over 110 countries actively report account holder information to the IRS.
Why does IRS ask about foreign bank accounts?
The U.S. government requires reporting of foreign financial accounts because foreign financial institutions may not be subject to the same reporting requirements as domestic financial institutions.
How much money can you have in a foreign bank account?
To be required to file, your financial accounts must have a total value that exceeded $10,000 at any time during the calendar year. Now: If you exceed the $10,000 threshold, you must report all foreign accounts, not just any single account that exceeds $10,000.
Can I put my money in a foreign bank?
United States citizens use foreign bank accounts for several reasons: to protect assets from creditors, to increase financial privacy and to avoid taxes. It is not illegal to deposit money in a foreign bank account if you comply with the United States tax laws.
Can I open account in foreign bank?
Yes. RBI permits Indians to open and maintain a bank account overseas. Under the Liberalized Remittance Scheme of the RBI, sending money to your account overseas is a legitimate purpose.