Finance Minister Jaitley still ambiguous about your foreign trip declarations

Mumbai(web team): The Income Tax department’s new rule that taxpayers must declare their foreign trips made in a year and the money spent might have been withdrawn by the Finance Minister Arun Jaitley but much ambiguity over the declarations still remain.

The Finance Minister, a reply to the Lok Sabha on April 30 said that the ITR forms will be simplified and new forms will be issued soon. However, he did not clarify whether the taxpayers will be asked to declare their foreign trips or not.

Jaitley was in the US when the Revenue Department announced the new form and he called the Revenue Secretary from the US and asked him to put brakes on the roll-out.

The IT department had introduced the new forms asking details about an individuals foreign trips in order to tackle black money.

The forms asked details like passport number, the issuance place of the passport, countries visited, number of times such sojourns made and in case of a resident taxpayer, the expenses incurred from “own sources in relation to such travel.

The Finance Ministry and Arun Jaitley have time and again said that ITR forms will be simplified but none clarified whether completely omitting this demand of disclosing foreign trips will be a part of the new forms or not.

As of now, a special team of officials from CBDT is working with Income Tax and Revenue Department officials to ‘simplify’ the forms.

The minister also met industry representatives like CII, Assocham and FICCI to get their views on the new ITR forms.

Posted by on April 30, 2015. Filed under Nation. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.