r2i forum

Hello all, we r2i 'd to India in Sept 2009. Been in the US since April 2001. During the course of our NRI status, we have purchased some properties and made some deposits in India and have moved most of our cash savings through our NRE accounts. Now that its tax time here in India, we visited an auditor and he is advising us to make a declaration of all properties/assets etc to the IT department asap.
My questions are: 1. Do we simply declare all assets, and will it be sufficient to say i received x amount of money through the NRE account or would i need proof (such as w2's) for tax paid for that amount in the US? 2. Do i have to declare all this right away or is there a leeway period? 3. What would normally be my tax implications?

Please forgive if my questions are ignorant. Iam at a loss for the tax implications here in India and I want to make sure that iam not being taken for a ride by our auditor. Curently we have only taken his services for PAN card and we would like to walk away if he is not easy to work with. My only other problem is trying to find older W2's since 2001.

Thanks in advance for your insights. Appreciate your inputs.

I R2Ied 4 years back. Have transferred sizable funds from abroad and invested the same.
I have been filing my income tax each year.
Have not reported any assets except showing income from FDs, stocks, MFs and bank intt. that resulted from these assets.
The bank account is registered with the IT, as the account to which the refund is to be paid.
Claimed refund each year.
This year got the first refund, delayed but paid with interest. I guess they were mulling over how I got these assets, but finally reconciled.
No questions asked so far.

DBS,

How was it reconciled? did they ask you to show NRE/NRo account statements to prove that your stocks, MF's etc are all funded by that accounts?

dbs;274152. I guess they were mulling over how I got these assets, but finally reconciled.
No questions asked so far.

Thanks in advance

Soori;290217DBS,

How was it reconciled? did they ask you to show NRE/NRo account statements to prove that your stocks, MF's etc are all funded by that accounts?

I am sorry that i succeeded in misleading you. No, they did not ask me any questions. I do not know if they conducted any inquiries or analysed in any way. That was just a loose statement, just like me.
Actually, these days they do not accept any attachments to the return, not even Form 16A - TDS or proof of deposits under 80C. You just fill in the form and fill in details asked for. I guess, they will ask for additional info if they suspect something may not be kosher. I do not know if they have asked my bank for any details. They do have my bank account details. It is required by them if you wnat any refund. The refund warrant mentions the bank and the account number.
I had also provided my email address and they had emailed me a copy of Form 26AS - statement of TDS reported by deductor to my PAN no. It was not a question, just informing me. I found that it was incorrect and had asked the organisations that IT is not reporting all the TDS they had deucted. Theyb responded that the Form 16A was correct as far as they are concerned. I did send a separate letter to the ITO stating the descrepancy and attaching Form16A copies.