Under new rule Income Tax department will make changes regarding the new income tax form where all those individuals who visit foreign nations for personal reasons and which is more than 6 to 7 times in a year from disclosing their personal details like expenditures and bank account. Those who go on such trips which is less than 6 times a year need not disclose such details and those who go on for business trips they too need not disclose such details to IT department.
When there was many criticism on the ITR form which was released in April 2015, ArunJaitley, finance minister had asked to immediately check and review this matter. This form was forcefully asking the individuals to disclose their personal details about their spending that they were making overseas and also their local bank details and foreign investment and accounts details too.
This new ITR form has been brought into by Central Board of Direct Taxes by the department of Income Tax to check the black money menace whereby they can get details regarding the foreign and local money transactions that are done by individuals. All persons who are paying tax have to give all the details of the bank accounts that they hold in the country and also the details of foreign travel to IT department when they file for returns for year 2015-16 assessment. This ITR form which is brought out newly will include ITR 1 and ITR 2 where assesse should provide all the bank account numbers that the individual person had held whether opened or closed in the previous year and also with the last total balance that their account had by March 31. All the assesse should give the details of bank name, its address along with the account number and IFSC code and even if there are any joint account holders their details also should be provided. Details like assesse’s passport, its issuance place, the different countries that he/she visited, and number of times traveled, total expenses that was incurred by the assesse should also be provided. All the details of the assets that the taxpayer hold in a foreign nation must be given to the IT Department.
by Sushma Javare.