News Ticker

Income Tax Dept. adopted new format of ITRs requiring Assessees to provide Bank accounts, Foreign travelling details

New Delhi: Now the information relating to Bank accounts held by the Taxpayers in the nation and also information about their foreign travel, will required to disclose to the Income Tax Department.

Being the Apex policy making organ of the Income Tax Department, the Central Board of Direct Taxes has issued notification for publishing new forms as to Income Tax Return- ITR for the current assessment year 2015-16 and therein additionally, the Central Board concerned has provided for column requiring furnishing of such new information of Bank accounts and foreign travel for checking the menace of Black Money. As such, the taxpayer now, will be required to furnish those information while filing their respective IT returns for this assessment year of 2015-16.

Furnishing such information are required in respect of new Income Tax Returns- ITR including ITR- 1 and ITR- 2, where specifically, Bank account numbers of the Assessee held during previous year both opened and closed accounts information are also required along with last balance details in it as on 31st of March and also IFSC codes of Bank concerned and its address. Moreover, there is requirement of furnishing Adhar number of the Assessee also, in the new pattern of IT Return form.

And so far as the furnishing of Foreign travel information of Assessee is concerned, the Assessee is required to provide his Passport number, including the place where the Passport was issued to him, his visited Countries, number of occasions of his journey to abroad. Even when the Taxpayer is Indian resident, then information as to his expenses incurred from his own sources relating to such travelling, required to furnish while filing his IT return.

It is appearing from the decisions of the Income Tax Department which has now been taken or even which was made last year, that it is showing its very touch to remove the evil of Black Money from the Country.

The Department in the last year, had mandatorily required the Taxpayer for mentioning of all assets held by them in the foreign Countries.

As per the statement of Senior Officer in the Income Tax Department, the currently notified new measures being a part of efforts of the Government in relation to tackle Black Money in an non-obstrusive manner, will severs to add to the knowledge of Taxman about a particulars Assessee.

by Faim Khalilkhan Pathan.