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I sense some confusion on foreign travel details for ITR. If it is official, employee provides details. This could be about personal visits?![]()
Kanchan Gupta @KanchanGupta Just spoke to a top CBDT official. There is a counter-view to the proposed tax return norms. Will write about it over weekend.![]()
Kanchan Gupta @KanchanGupta It's silly to accuse Govt of not doing anything to tackle black money. When first step is taken, howls of protest from same critics!- Why should disclosure of bank accounts be so offensive? Unless you are salting away undeclared income in undisclosed accounts.
Taxpayers to disclose bank accounts, foreign travel to Income Tax department
The Central Board of Direct Taxes, the apex policy making body of the Income Tax department, has notified new Income Tax Return (ITR) forms for the current assessment year, making some additions to the existing format as part of obtaining new information to check the menace of black money.
The new ITR forms, including the ITR-1 and ITR-2, require an assessee to furnish the number of bank accounts held by the individual "at any time (including opened/closed) during the previous year" with the last balance in his or her account on March 31 of the just concluded fiscal.
The assessee will also have to furnish the name of the bank, account number/numbers, it's address, IFSC code and any possible joint account holder.
When it comes to disclosure of foreign travel, the taxman wants the assessee's passport number, the issuance place of the passport, countries visited, number of times such sojourns made and in case of a resident taxpayer, the expenses incurred from "own sources in relation to such travel.
"The I-T department, last year, had made it mandatory for taxpayers to mention details of all assets they hold in a foreign soil under a new schedule-details of foreign assets and income from any source outside India.
"The new measures are part of the government's effort to tackle black money in an non-obstrusive manner. The details will add to the taxman's knowledge about a particular assessee," a senior I-T officer said.
The new ITR forms, this time, also feature a new column to include the Aadhaar number of the assessee.
http://economictimes.indiatimes.com/wealth/tax-savers/tax-news/taxpayers-to-disclose-bank-accounts-foreign-travel-to-income-tax-department/articleshow/46959662.cms