1. What is the relevant accounting period’ for reporting of foreign assets – accounting period as applicable to a foreign country
2. How to opt for a lower tax regime of 22% or 15% – by filing Form No. 10-IC or Form No. 10-ID with a return, it is not reversible
3. For high taxpayers, at what value are assets and liabilities to be reported – Cost & if the gifted or inherited cost of the previous owner
4. For NR if TIN is not allotted – provide passport number
5. Can I rectify this multiple times – yes but only after the first one is processed
6. the Last date of E verification of any return is 30 September 2020
7. Can invalid return corrected – apply CBDT for condonation of delay
8. For 44AD, 6% deemed profit is available only if credit sales proceeds are received by return filing due date
9. While reporting capital gain script-wise details mentioned are mandatory – NO
10. Can NR get a refund in a foreign bank account – Yes