New income tax shape on remote travel divulgence to be reexamined

New Delhi: The legislature said on Saturday that new income tax return (ITR) frames that oblige divulgence of insights in regards to financial balances and outside excursions embraced by an individual will be reexamined, a move that comes after feedback from tax specialists and others.

The administration will turn out with rearranged ITR frames, it was formally declared.

"The Finance Minister has called me from Washington and said the entire matter identified with new ITR structure will be reevaluated. The administration will disentangle the ITR structure," Revenue Secretary Shaktikanta Das said.

This choice comes in the wake of challenges communicated by different areas and tax specialists on the new ITR shapes in connection to money related year 2014-15, he said.

There has been feedback of the new structures with specialists and advisors saying government was looking for an excess of information. They felt that the expansion of new data would make the procedure of recording returns troublesome.

On Friday, the Central Board of Direct Taxes (CBDT), the summit arrangement making assortment of the Income Tax division, informed the new ITR shapes for the current appraisal year, looking for extra subtle elements to check the danger of dark cash.

The way things are, the new ITR structures, including the ITR-1 and ITR-2, require an assessee to outfit the quantity of financial balances held by the single person "whenever (counting opened/shut) amid the earlier year" with the last adjust in the record on March 31 of the just finished up monetary year.

The assessee will likewise need to outfit the name of the bank, record numbers, their locations, IFSC codes and any conceivable shared service holder.

Regarding the matter of exposure of remote travel, the taxman needs the assessee's international ID number, its place of issuance, nations went to, number of times such visits put forth and in defense of an inhabitant taxpayer, the costs brought about from "own sources in connection to such travel.

The new measures are a piece of the administration's push to handle dark cash in a non-prominent way. The points of interest will add to the taxman's learning about a specific assessee.