In the revised Income Tax Returns, Finance ministry is trying to exempt the details of company sponsored trips to foreign nations but should disclose the details of accounts in foreign banks was known from the said sources. The new form of IT return was introduced as many of the MPs and assessees opposed the existing form, as it was very cumbersome to provide a lot of details and so it is also excluding the details of local bank which does not have specified minimum balance. Official source said that tax department has informed that company sponsored foreign trips need not be disclosed. In the revised ITR form, with regard to personal travels they have given certain limit of expenditure and if it is beyond it, then they should be disclosed in the IT returns. All those who go beyond the provided expenditure cap should fill the annexure form that are provided to them for such expenditures. Official further stated that detailed disclosure about the foreign bank accounts have to be provided and it will not be erased as the main purpose of black money legislation will have no impact.
Last week Parliament passed Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Bill, 2015 that gives importance to bring out the details of wealth slashed outside India or foreign nations. Officials said that the tax department is bringing out the revised form by the end of this month. Officials further informed that Finance Minister Arun Jaitley will take up simplification of ITR forms final decision by end of this month. By July 31, all the salaried persons and business persons who do not have income from business should file income tax returns in ITR-1 and 2. At present the revenue department has put the new ITR forms on hold as there are a lot of controversy going on regarding the details sought in it like bank accounts details and foreign visit details and Jaitley has told that a far more simplified form will be brought out soon. Tax department is seeking Industry chambers views to simplify this form. This new ITR form that was notified by CBDT has specified columns like IFSC Code, Bank Accounts, Joint account holders name and foreign visits etc.
by Sushma Javare.