New tax form to seek details of foreign travel, bank A/Cs

[Technoglitch]

When you file your tax returns in July, you will have to submit details of any foreign trip that you have undertaken, including the expenses borne by you.

The tax authorities have made several additions to the income tax return forms for the assessment year 2015-16 seeking details about foreign assets and income from any source outside the country, and details of all bank accounts held in India at any time during the previous year. A taxpayer will have to give details of any bank account opened or closed during the previous year, including those where a taxpayer has a signing authority. Further, it wants information related to immovable property, financial interest in companies and details of trusts created outside the country.

New tax form to seek details of foreign travel, bank A/Cs - The Times of India

 

[NinadG]

Govt backtracks, to drop bank details and foreign trips from tax form
The government on Saturday announced that new income tax return forms that require disclosure of details regarding bank accounts and foreign trips undertaken by an individual will be reconsidered, a move that comes after criticism from tax experts and others.

It will come out with simplified ITR forms, it was officially announced.

There has been criticism of the new forms with experts and consultants saying government was seeking too much data. They felt that the addition of new information would make the process of filing returns difficult.

The new measures are part of the government's effort to tackle black money in an non-obtrusive manner. The details will add to the taxman's knowledge about a particular assessee.

T P Ostwal, international tax expert, said the new forms would make it cumbersome for taxpayers to keep details of their official visits and to seek those details from companies, especially if they leave them mid-day during the year.

He felt that the government was expecting too much when it asked people undertaking pleasure trips to file such details.


Govt backtracks, to drop bank details and foreign trips from tax form - Rediff.com Business

 

[IndianMascot]

Thank god I don't have enjoy any foreign trips.

 

[Sanjeev]

Thank god I don't have enjoy any foreign trips.

 

[DashMajor]

So rules are made tight in paper.

 

[whitebunny]

OMG, I am expected to travel this time in July for the first time in my life. Mere time pe yeh kyon kiya

 

[IndianMascot]

Now the new rule is on hold as govt itself was finding difficult to enter all foreign trip details on Narendra Modi

 

[Technoglitch]

and also all Ministers

 

[NinadG]

Its ridiculous to call Secretary from US just to ask him to back down the proposal.
All the possibilities should be considered & taken care of, after which a firm decision should have been taken.
If new measures are for tackling black money then govt should have gone ahead.
All this backtracking signals that govt cann't take firm decisions & just by making noise or by lobbying one can force govt to change decisions.
Jaitley started showing his true colours & may prove liability for Modi in the future.

 

[DashMajor]

^^ This is what we call policy paralysis, NDA is just repeating history.

Also it is foolish and injustice to give important position of a Country to a person who not even won the election.