1. FEMA-Recent changes and FATCA-CRS Compliance for NRIs
RAJKOT BRANCH OF WIRC OF THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
CA.  RAJESH H. DHRUVA
femaonline.com
(best interest rates for NRIs)
(fema & regulations – as on date)

2. NON-RESIDENT INDIAN (NRI) - DEFINITION UNDER FEMA AND I. T. ACT:-
1.   Foreign Exchange Management Act, 1999 [FEMA] defines a Non-Resident Indian (NRI) under Foreign Exchange Management (Deposit) Regulations, 2000 as :-
.01 An Indian citizen permanently residing outside India. OR
.02 A Person of Indian Origin (PIO) permanently residing outside India.
2.    A PIO is defined as
.01  an individual ; whose parents or grand-parents - maternal and paternal / any one of / was born in India or was a citizen of India at any time OR
.02  or a spouse of a PIO.
3.   FEMA has a larger definition and defines person residing outside India as an individual who has left India or lives outside India for permanent settlement being employment or conducting business ; profession or vocation or even for leisure.
4.   FEMA has wedded returning NRI's residential status to number of days exceeding 181 in a preceding year whereby in the year of return he continues to be an NRI which is a fallacy.
Ideally an NRI is a resident when he returns to India for permanent settlement.
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3. NON-RESIDENT INDIAN (NRI) - DEFINITION UNDER FEMA AND I. T. ACT:-
II.    DEFINITION UNDER INCOME TAX ACT, 1961 [I.T. ACT] :-
1.   The definition under Income Tax Act, 1961 [I. T. Act] is wedded to stay of an individual in the current year ; last 4 yrs, 7 yrs & 10 yrs.
2.   Income Tax definitions are:-
      A.  Resident:- . 
An individual who stays in India for 181 days in F.Y.  OR  
More than 59 days in F. Y.   AND     More than 364 days in preceding 4 years.
      - For a returnee NRI the rule of days will apply.
      B.  Such a Resident is Not Ordinarily Resident (R but NOR) if :-  
He is Non Resident in 9 out of 10 preceding years.  OR   
His stay does not exceed 729 days in preceding 7 years.      
C.  Resident and Ordinarily Resident (R & OR):-  
A Resident not fulfilling EITHER of the conditions of R but NOR is Resident and Ordinarily Resident (R & OR).
       D.  Non Resident:- 
i.   An individual residing outside India or if an Indian citizen leaving India as a crew member of an Indian ship or to take up employment outside India, will be defined as a Non Resident if his stay in India does not exceed 181 days in a F.Y.
     ii.  The date of arrival and departure are included in stay in India.
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4. INVESTMENT FREEDOM FOR NRIs
I.  NRIs/PIOs can freely invest in India :-
NRI includes Indian & Foreign citizens of Indian origin, being individual or parents or grandparents born in India or Indian citizen at any time.
Forex  & Rupee (NRE & NRO) bank deposits
Equity & Debentures of Listed Company - IPO & Stock market  
Equity & Convertible Debentures of Pvt./Public Company
Equity & Debt schemes of Mutual Funds
Partnership Firm & Proprietorship (Non Repatriation basis)
Government Securities
II. Restrictions/ Conditions :
Agricultural properties ; Farm houses & Plantation.
Real Estate business of Buying and Selling i.e. trading of properties
Company deposits
Post Office deposits / Savings Certificates
Reserve Bank of India Bonds.
Public Provident Fund (PPF) accounts
III. Remittance/ Repatriation Facilities :-
Balance in NRO A/c. up to US$ 1 mn per year abroad or NRE account.
All non repatriable incomes repatriable – Rent ; Interest ; Gains etc.
IV. Returnee NRIs:
Can freely continue overseas movable & immovable assets indefinitely
Can remit funds from India up to $ 200,000.
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5. NRIs – IMMOVABLE PROPERTIES
Facilities & Rules:
NRIs - Indian & also foreign citizens can freely acquire immovable properties in India .
Properties can be residential, commercial, industrial
Such properties may be utilized for own use or rented out
No restriction re: number of property
No restrictions re: holding period too
Purchase price fully repatriable [ NRE ; FCNR ; forex remittance ] (only 2 residence) and gains under US $ 1 mn scheme
Restrictions/ Conditions
Agricultural properties ; Farm houses & Plantation
Real Estate Business trading for profit prohibited
Payment from NRE ; NRO ; FCNR a/c or forex remittance only
Capital Gains payable stamp duty valuation [if higher]
Notional Rent -self occupied /vacant home taxed [1 home exempt]
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6. INDIA - A TAX HEAVEN FOR NRIs
Tax-free income :
Interest on NRE rupee  and FCNR deposits
LT Capital gains of listed equities & Equity MFs [1 year+]
Dividend on shares of Indian company
No Estate  Duty / Inheritance Tax
Concessional Tax
ST Gains 15% – Listed Equity & Equity MFs [1 year-]
20% Tax for Deb./ Deposit interest & 10% for LT Gains thereof
Friendly Tax :
Income Tax : Low tax rate of 10% to 30%
LT gains other than listed equities and equities MFs – 20%
Wealth 1% - Residential Homes (not rented) ; plots of land ; jewellery & vehicles [ 1 House / Plot below 500 sq. mts exempt ]
No Gift-Tax - unrelated person Gift Rs. 50,000+ ; taxed for donee
DTAA ;
Lower Tax in India if treaty tax rate favourable :
Tax paid in India – Credit allowed in US
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7. NRI’s INVESTMENT IN PARTNERSHIP FIRM / PROPRIETARY CONCERN :
1. A Non-Resident Indian (NRI) or a Person of Indian Origin (PIO) resident outside India can invest by way of contribution to the capital of a firm or a proprietary concern in India on non-repatriation basis provided:
.02 Amount is invested by inward remittance or out of NRE / FCNR(B) / NRO account maintained with Authorised banks.
.03 The Firm or Proprietary concern is not engaged in any agricultural or real estate business (i.e. dealing in land and immovable property with a view to earning profit or earning income there from) or print media sector.
.04 Amount invested shall not be eligible for repatriation outside India.
2. NRIs / PIO may seek prior permission of Reserve Bank for investment in sole proprietorship concerns / partnership firms with repatriation benefits.
3. Profits can be repatriated under Repatraition of Current Income facility and Principal can be repatraited from NRO acc. Under US $1 mn scheme.
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8. NRI INVESTMENT IN COMPANY’S SHARES :
.01 Non-Resident Indian (NRI) – being an Indian citizen & also a foreign citizen of Indian Origin i.e. Person of Indian Origin (PIO), can freely invest in equity and preference shares as also convertible debentures of an Indian company.
02  Foreigners as also Foreign Companies can also invest in Indian Companies.
.02 Such investment is permissible in private limited companies; public limited companies which are privately held under Direct Investment Scheme (DIS) & under Portfolio Investment Scheme (PIS) of shares listed on Stock Exchanges which will require a designated bank acc., stock broking acc. , demat acc. and a POA in India as the shares need to be delivered in real time.
.03 Such investment can be made on repatriation also non-repatriation basis.
.04 For repatriation basis, the investment has to be made from Non-Resident External (NRE) or Foreign Currency Non Resident (FCNR) account  or foreign exchange remittance from abroad.
.05 Investment on non-repatriation basis can be made from NRE  , FCNR account ; forex remittance and also Non-Resident Ordinary (NRO) account .
.06 Such investments are also governed by Foreign Direct Investment Policy of the Government of India which is regulated by  Department of Industrial Policy and Promotion (DIPP) under the Ministry of Commerce and Industry .
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9. NATURE OF BUSINESSES :
Foreign Investment by Non-Resident Indian (NRI) and Foreign investment in almost all businesses are permissible under Automatic Route. 1. Non Permissible businesses : 2. Almost all businesses other than restricted and ones requiring prior approval are covered under the Automatic Approval. .02 NRI investment is linked to activity of the company. .03 However, certain Caps / limits are laid down for specific businesses which change from time to time and hence. .04 Such investment is permissible upto 24% ; 49% and 74% of the total capital. .05 e.g. FIPB approval necessary & caps : Defense 49%. 3. All other business activities are allowed 100% FDI.
Retail Trading (except single brand )
Lottery Business;     
Business of chit fund;   
Trading in Transferable Development Rights (TDRs). 
Real Estate Trading;      
Atomic Energy;
Gambling and Betting;      
Nidhi Company;  
Agriculture 
Construction of farm houses.                 
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10. SOURCE OF INVESTMENT & PROCEDURES :
NRIs are required to apply for shares from  NRE / FCNR account or foreign exchange remittance from abroad in case of repatriation basis and said options of NRO account in case of non-repatriation basis.
.02  Investment on non-repatriation basis can be undertaken through these sources & from NRO acc.
In case of foreign exchange remittance from abroad, the Bank is required to seek Know Your Customer (KYC) certificate  from overseas bankers to establish an identity of the foreign investors.
.02  In case of investment from NRE / FCNR account, bank is required to give Certificate regarding purpose of transfer i.e. share application money.
Shares can also be issued against Technical know-how; Royalty or External Commercial Borrowing (ECB), subject to approval.
PROCEDURES:-
1.  Repatriation basis:-
.01  Application money - submission of Annexure 6 within 30 days through Bank.
.02  Issue of shares -  submission of Form FC-GPR within  30 days through Bank.
.03  Shares to be issued within 6 months failing issuance, application money is to be refunded.
.04 Company Law requires allotment in 2 months time.
2.  Non-repatriation basis:-
.01  No application / intimation is to be filed in case of shares issued on non-repatriation basis.
.02  Shares to be issued within 6 months failing issuance, application money is to be refunded.
3.  Annual return to be filed before 15th July.
.02  New proforma of Annual Return has replaced Part B of Form FC-GPR.
Pricing:-
1.    Shares are to be issued as per Chartered Accountant's valuations based on Discounted Free Cash
Flow (DFCF) Method or internationally accepted method.
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11. RECENT CHANGES – FDI:
Prime Minister Mr. Modi launched the Campaigns like 'Make In India' and 'Skill India'. The latest in the series is the upcoming 'Start-up India' initiative. To further boost this entire investment environment and to bring in foreign investments in the country, the Government has brought in FDI related Reforms and liberalization touching upon 15 major Sectors of the Economy. The salient measures are:
Limited Liability Partnerships, downstream investment and approval conditions.
Investment by companies owned and controlled by Non-Resident Indians (NRIs)
Establishment and transfer of ownership and control of Indian companies
Agriculture and Animal Husbandry
Plantation
Mining and mineral separation of titanium bearing minerals and ores, its value addition and integrated activities
Defence
Broadcasting Sector
Civil Aviation
Increase of sectoral cap
Construction development sector
Cash and Carry Wholesale Trading / Wholesale Trading (including sourcing from MSEs)
Single Brand Retail Trading and Duty free shops
Banking-Private Sector; and
Manufacturing Sector
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12. TRANSFER OF SHARES :
1. TRANSFER BY RESIDENT : Resident to NRI ; Foreigner or Foreign Company other than OCB ; :- .01 Gift - only to close relative -Sec. 6 of Co. Act ; max. $ 25,000 [ Anomoly - should be $ 250,000 ; RBI's Prior Permission; Valuation certified by CA as per SEBI or CCI Guidelines. .02 Sale Resident to NRI Foreigner or Foreign Company other than OCB ; :--- an Indian Company under Annexure B to Schedule1, [ Agriculture ; Tea Sector , Mining & Financial Services excluded ] Auto Route - filing FC-TRS and pricing guidelines - not less than DFCF method. .03 Sale Resident to OTHER than NRI , Foreigner or Foreign Company - RBI approval 2. TRANSFER BY NRI : 2.A. NRI to NRI - by way of sale or gift - No procedures. .02 NRI to Overseas Corporate Body - by way of sale or gift : No procedures. [NRI to Foreigner- not under automatic route ] .03 NRI to Resident - GIFT - No procedures. .04 NRI to Resident - Sale on stock Exchange - No procedures. 2.B. NRI to Resident:- Sale to Resident - Auto Route - Procedures and Pricing guidelines apply - more than DFCF method 3. TRANSFER BY REIGNER OR FOREIGN COMPANY : .01 Foreigner to NRI , Foreigner and / or Overseas Corporate Body : Sale or gift permissible - No procedures.- , no pricing guidelines. .02 Sale to Resident - Auto Route - Procedures and Pricing guidelines apply. .03 Foreigner or Foreign Co. to Resident - GIFT - No procedures.
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13. LOANS AND DEPOSITS :
1. Loans and Deposits for Corporate : 1. Indian companies prohibited to accept deposits from NRIs since 24/04/ Foreigners cannot place deposits as such. 2. Deposits from NRIs permissible, from Non-Resident Ordinary (NRO) account. .02 However such NRO balance should not be created out of NRE ; FCNR transfer or forex remittance. 3. Deposits from NRO account acceptable on non-repatriation basis. 4. The Companies Act, 1956 has no ceiling on NRI shareholding deposits. .02 FEMA restricts NRI Debentures only through Public Offer i.e. 35% of Capital Reserves. .03 Thus Private Limited Company cannot accept deposit from NRO account also. 5. Tax Deduction at Source or lower rate of Double Tax Avoidance Agreement (DTAA). .02 TDS requires Permanent Account Number (PAN) Card which is necessary.
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14. LOANS AND DEPOSITS :
2. Loans and Deposits to Partnership Firm and Proprietorship :
1.   Partnership firm and proprietorship can accept loans from Non-Resident Indians (NRIs) / Persons of Indian Origin (PIOs).
2.    Such borrowing is permissible on non-repatriation basis.
3.   Investment should be made from Non-Resident External (NRE); Foreign Currency Non Resident (FCNR) Non-Resident Ordinary (NRO) account or forex remittance from abroad.
4.   The period of loan should not exceed 3 years.
5.   The rate of interest should not exceed the ceiling rate prescribed from time to time under the Companies (Acceptance of Deposit) Rules, 1975
6.   The firm should deduct tax at 30%.
7.   If the lender provides proof of tax residency, lower rate of tax as provided in the relevant  Double Tax Avoidance Agreement (DTAA) may be deducted. For e.g. 12.5% in case of lender other than Bank etc. from UAE.
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15. LOANS AND DEPOSITS :
3. Debentures : 1. Company can accept Indian Rupee loan by issuing Non-Convertible Debentures (NCDs). 2. Such NCDs are to be issued through Public Offer. .02 Thus, private limited company cannot issue NCDs to NRIs / Foreigners. 3. Such debentures may be issued on repatriation basis or otherwise. .02 For repatriation benefit, investment should be made from NRE / FCNR account or forex remittance from abroad. 4. Such debentures should be issued for a period of not less than 3 years. 5. NCDs can be offered only to NRIs / PIOs. .02 Such NCDs cannot be subscribed by the foreigners.
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16. EXTERNAL COMMERCIAL BORROWING :
1. A company can accept loan in foreign currency as a ECB. Reserve Bank of India (RBI) provides for Automatic Route upto US$ 100mn by micro finance; US$ 200mn by hotel, hospitals & software; US$ 750mn by infra & manufacturing. 2. Eligible borrowers:- .01 Corporate entity being private limited company. .02 Corporate entity being public limited company. 3. Interest Average maturity of 3 years upto 5 years LIBOR+3% and .02 Average maturity more than 5 years LIBOR+5% 4. Lender:- Foreign bank; financial institutions; supplier of plant and investor having 25% or more equity of borrower. 5. ECB Ceiling:- .01 ECB upto US$ 5mn - No conditions. .02 Limits not linked to capital. .03 ECB of more than US$ 5mn - debt to equity 4:1.
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17. EXTERNAL COMMERCIAL BORROWING :
6. Procedures:- .01 Agreement to be appropriately drafted. .02 Loan Registration Number (LRN) to be availed through Bank. .03 Monthly and annual statements to be filed. .04 Changes in terms and conditions to be notified. 7. End-use:- .01 Capital Expenditure only. .02 Construction not permissible. .03 Working capital or other objectives now permissible but from Shareholder 25% or more Equity but minimum period 7 years. 8. Borrowing period:- .01 ECB of US$ 20mn minimum average maturity period of 3 years. .02 ECB of US$ 20mn to US$ 500mn - minimum average maturity period of 5 years. 9. or DTAA. .01 Tax Deduction at Source or lower rate of Double Tax Avoidance Agreement (DTAA). .02 TDS requires Permanent Account Number (PAN) Card which is necessary. 10. Partially convertible debentures or non-convertible preference shares are to be treated as ECB.
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18. FATCA AGREEMENTS & CRS INITIATION :
Introduction : 
The problem of Cross Border Tax Evasion and unaccounted / Black Money parked abroad has bothered countries across the globe for a long time.
The economic catastrophe of 2008 resulting in diminishing levels of Government Treasuries awakened Tax Authorities and for the first time prompted collective combat action against tax evasion which was partially to enhance tax collections too. 
USA has initiated the War against tax evaders with enactment of Foreign Account Tax Compliance Act (FATCA) in After 2 years G-20 Leaders endorsed Automatic Exchange of Information in Tax Matters which was eventually approved as a Standard in July 2014 by Organization for Economic Co-operation and Development(OECD).
AND now by end of 2015, 78 countries including 20 G-20 Countries and 24 OECD member countries are signatories to Multilateral Competent Authority Agreement (MCAA).
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19. FATCA AGREEMENTS & CRS INITIATION :
Government of India signed the IGA with USA on 9th July 2015 & on 7th August Central Board of Direct taxes (CBDT) issued notification S.O (E) by way of Income Tax (11th Amendment) Rules 2015 & insertion of Rule 114F :114G & 114H in I.T. Rules1962 and Form 61-B.
US Government has initiated agreements with various Governments requiring their financial institutions to provide requisite information of all US citizens and USA addressees to IRS from 30th September’15.
112 countries have also signed Inter Governmental Agreement (IGA) with USA. India has signed IGA on 9th July 2015.
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20. APPLICABILITY OF FATCA -CRS
I.    APPLICABLE TO :
1.  Indian Financial Institutions being :
.01 Banks including Cooperative Banks
.02 Insurance Companies.
.03 Mutual Fund Houses / AMCs
.04 Depository Participants (Demat Service Providers) including Stocks ; Commodities ; Bullion etc.( Stock Brokers excluded )
2.    APPLICABLE FROM :
.01  USA - Balance as on 30th June 2014 and years thereafter.
.02  Other Countries - Acount as on 31st December 2015 and years thereafter.
3.    REPORTING DEADLINE : 
.01  USA beginning 30th September 2015 and latest 30th December 2015 for June 2014 & 30th September following each year thereafter.
.02  Other Countries : Existing account  as on 31st Dec. ‘15 of US$ 1 mn & above & new accounts after 1st January 2016 by 30th September Other accounts by 30th September 2018 & every 30th September following each year thereafter.
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21. APPLICABILITY OF FATCA -CRS
4.    INFORMATION TO BE MAINTAINED AND REPORTED :
 INDIVIDUAL
.01 Name in full.
.02 Address.
.03 Tax Identification Number(TIN).
.04 Date of Birth.
.05 Place of Birth. 
ENTITIES :
.01  Name.
.02  Address.
.03  Tax Identification Number(TIN).     
.04  Name , address and place of birth and TIN of controlling persons.
.05  Account Number
All the balances at the end of the calendar year.
If accounts are closed then balance before closure.
TIN to be reported from 2017 onwards for existing accounts.
TIN for new accounts to obtained from 1st January 2016
5. THRESHOLD LIMIT :
.01 US accounts :- US$ 50,000 as on 30th June 2014 and US$ 250,000 in case of Cash Insurance.   New accounts thereafter without limit.
.02 Other countries - No threshold limit.
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22. FOREIGN ACCOUNT TAX COMPLIANCE ACT (FATCA)
FATCA is originally introduced in USA from calendar year 2011 with an intention to improve tax compliance by gaining information of US persons & declaration of foreign income and financial assets to IRS.
Applicability: US citizen ; Green ard Holder ; H1 visaholders and persons resident in USA for 183 days or more in urrent year OR 31days in current year wedded with 183 days in last 3 years calculated as all days of cuurnet year ; 1/3 rd days of previous year and 1/6th days of year before.
2. Foreign Financial Assets: includes  overseas bank accounts ; deposit accounts ; mutual fund investments ; investments in stocks and securities; brokerage accounts ; bonds and debenture issued by Foreign person; interest rate , currency , equity , index , commodity and swaps of all kinds and all other overseas assets held for investments not being  trade or business. 
.02 This will also include investment in shares of private limited company ; insurance  policies ; interest in partnership firms  and / or trusts.
.03 Immovable Properties & other physical assets like jewellary ; art effects ; vehicles ; furniture etx NOT included.
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23. FOREIGN ACCOUNT TAX COMPLIANCE ACT (FATCA)
FATCA is over and above FBAR and not a replacement thereof. Like FBAR , FATCA too excludes immovable properties from reporting requirements and includes erstwhile investments in India and inherited or partitioned family assets.
.03 Reporting Threshold : Individuals are covered by FATCA if value of foreign financial assets exceeds
US$ 50,000 as on 31st December or US$ 75,000 during the tax year.
In case of married couple tax-payers US$ 100,000 and US$ 150,000 respectively.
For individual tax-payers living abroad these limits are raised to US$ 200,000 and US$ 300,000 respectively .
US$ 400,000 and US$ 600,000 for a married couple filing joint return.
.04 Joint Owners : As the report is filed with IRS tax return married couple returns will report the assets of both the spouses.
.05 Form & Filing : The report is to be submitted in form 8938 with the IRS tax return and the due dates for filing tax returns with the IRS including extension will be applicable.
.06 Penalty : Failure to file Form 8938 by the due date or filing an incomplete form attracts penalty of $10,000. Additional penalty of $10,000 per month up to a maximum penalty of $50,000 is payable for failure to file inspite of IRS notice. Additional substantial understatement penalty of 40 percent for un-disclosed foreign financial assets.
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24. STREAMLINED DOMESTIC OFFSHORE PROCEDURES( SDOP )
The Internal Revenue Service (IRS) had taken the initiatives for declaration of overseas undisclosed income and financial assets of US tax residents by introducing Offshore-Voluntary Disclosure Initiatives (OVDI) in the year 2009 and 2011 and Offshore Voluntary Disclosure Programme(OVDP) in the year Under OVDI & OVDP scheme, tax-payers were required to pay tax on hitherto undisclosed income of earlier eight tax years together with interest thereon and in addition a penalty of 25% / 27.5% resp. of the highest balance of undisclosed foreign bank accounts and other foreign assets of previous 8 years.
And to capture the information of US tax residents who have not declared their overseas income and assets USA signed Intergovernmental Agreements with 112 countries including India under Foreign Account Tax Compliance Act (FATCA) requiring overseas including Indian Banks, Mutual Fund Houses, Insurance Companies and Brokerage Houses to report accounts showing US citizenship , US address , US POA , or US phone numbers if the balance in such account exceeded US$ 50,000 on 30th June
However appreciating the possibilities of ignorance and negligence of tax payers a very liberal declaration scheme requiring payment of penalty of 5% of highest value of overseas financial assets over previous six yearend was introduced on 18th June 2014 by way of Streamlined Filing Compliance Procedure(SFCP) - one each for for US taxpayers residing in the United States as "Streamlined Domestic Offshore Procedures" ( SDOP )and for US taxpayers residing outside the US as "Streamlined Foreign Offshore Procedures" (SFOP ) . Brief details and links of IRS websites are :
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25. STREAMLINED DOMESTIC OFFSHORE PROCEDURES( SDOP )
1. Common conditions for eligiblity of Streamlined Filing Compliance Procedure:
Only individual tax payers are eligible.
.02 The tax payer is to certify that non filing is on account of non willful conduct that includes negligence, inadvertence or mistake or conduct that is the result of a good faith misunderstanding of the requirements of the law.
The IRS should not have initiated either civil or criminal investigation.
.04 Tax payers should have a valid Tax Payer Identification Number(TIN). Individual not having TIN can submit ITIN applications
2. ELIGIBILITY for SDOP :
Individual must be US Resident i.e.a US citizen or Green Card Holder who has resided in USA and has not been physically outside US for more than 330 days in most recent three years.
Should have filed US Tax returns of last 3 years within due date or within extended time applied.
Failed to disclose foreign income and pay tax under IRS and/or failed to file an FBAR - Form TD-F (Report of Foreign Bank And Financial Accounts) with respect to foreign financial assets.
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26. STREAMLINED DOMESTIC OFFSHORE PROCEDURES( SDOP )
3. REDUCTION OF PENALTY :
The original penalty of 27.5% was payable on maximum aggregate overseas balance during the last 8 years which is substantially reduced to 5% of maximum aggregate value of Overseas Financial Assets as at the year end of last 6 years.
4. PROCEDURES :
Tax payer must file amended US Tax Returns together with all required information for last 3 years.
One should file delinquent FBAR (New Form FinCEN 114) of last 6 years for which due date has passed.
One should also file Form 8938 for last 3 years ; Form 3520 for inheritance or gifts received ; Form 5471 if 10 % or more shares are held in Indian Company ; Form 8865 if there is 10% or more interest in partnership firm ; Form 8621 if Indian Mutual Funds are held and other specified Forms for previous 3 years for which due date has passed.
One is required to pay tax, interest and 5% offshore penalty on aggregated highest balance of all foreign financial assets as at end of last 6 years. AND
Filing of Non wil-ful declartions.
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27. THANK YOU