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Money order: NRI asked to pay tax on Swiss bank account she denies owning

Money order: NRI asked to pay tax on Swiss bank account she denies owning

Non-resident Indian citizens are liable to pay tax in India only on India income, but they may still not be completely impervious to being asked to pay tax in the country on their global income, if they had, at some point, filed tax return in India as a resident. This is an intriguing prospect for a country with an exceptionally diverse diaspora, including a galaxy of billionaire corporate honchos.
The Income Tax Appellate Tribunal (ITAT) in Mumbai has recently affirmed an order issued by the relevant commissioner-appeal, asking an 81-year old woman, claiming to be a US resident post-FY06, to pay tax in India on Rs 196.5 crore purportedly held by her in the financial year 2005-06 in a now-disbanded Swiss bank account (HSBC Private Bank (Suisse) SA, Geneva), which she refuses to own.

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