Income tax payer in for shock as govt wants to know more in new tax form

New income tax returns form wants details of foreign travels

GN Bureau | April 18, 2015


#black money   #income tax   #foreign travel   #bank accounts  


In pursuit of black money, the government is hauling up ordinary tax payers and seeking additional details in the new income tax return (ITR) form for assessment year 2015-16. This will be applicable to financial year 2014-15, for which returns have to be filed by July-end.

The new form asks for all bank accounts details regardless of whether they hold a minimum balance or lots of cash, instead of only salary account details.

It also wants detailed account of your foreign travel made last year (2014-15). Among the details are passport number, the number of trips made, the countries visited, and the personal expenses incurred on personal account. When there is hue and cry over retrospective tax demand, this clause on foreign travel details from last year is nothing but harassment.

Finance minister Arun Jaitley has promised an end to “tax terrorism” like arbitrary tax demands, especially those applied retrospectively.  But the details sought about foreign trip are tax terrorism.

The new tax forms will seek information about the capital gains accrued through trading activity, with a detailed break-up of the long-term capital gains, short-term capital gains and tax rate. Stock market trading details are bought, so is agriculture income.

Once you give those details, the taxman will have endless opportunities to harass a person.

Meanwhile, Jaitley has sought urgent implementation of common reporting standards on automatic exchange of information globally, asserting that it is the only way to tackle the challenges posed by black money.

The problem of offshore tax evasion and flow of illicit money can be addressed only by the free flow of financial account information exchanged among countries on an automatic basis, Jaitley said in his intervention on ‘International Tax Issues’ during the annual Spring Meeting of the International Monetary Fund and the World Bank in Washington.

“We strongly feel that there is a need to ensure that the Common Reporting Standards on Automatic Exchange of Information should be implemented on a fully reciprocal global basis and those countries which have not yet committed to the timeline of 2017 or 2018 should do it without any further delay,” he said.

Income Tax Rules: Click Here

Comments

 

Other News

My musical journey has been really beautiful: Harshdeep Kaur

Harshdeep Kaur is a playback singer better known for her Sufi renditions. She sings Hindi as well as Punjabi. She sang ‘Ik Onkar’ in Rang De Basanti apart from several other soulful songs. Her track ‘R.I.P.’ composed by AR Rahman was part of Oscar-winner Danny Boyle’s film

BJP lawmakers top the list in hate speech cases

Out of all MPs and MLAs in office, 58 have declared cases related to hate speech. This includes union minister for drinking water and sanitation Uma Bharti along with 14 other Lok Sabha MPs. The list also includes 8 state ministers. A party wise analysis reveals that BJP has the highest numb

After its withdrawal from Meghalaya and Arunachal, is it time to review AFSPA in other areas too?

After its withdrawal from Meghalaya and Arunachal, is it time to review AFSPA in other areas too?

Togadia, Sinha and anti-Modi prejudices masked by empty rhetoric

There is an uncanny similarity in the pathological opposition to prime minister Narendra Modi by two members of the right wing, Pravin Togadia and Yashwant Sinha. They come from a diverse social and political background; yet they share a common strand that shows an unmitigated hatred towards

“We are becoming American digital colonies”

Data is the new oil; and it needs to be protected. In an interaction with Governance Now, Lionel Baraban, CEO of Famoco, talks about how the French tech firm is developing secure business devices to safeguard data against going to other countries. What are the major roles o

Goa Shipyard and MTU, Germany to manufacture MTU engines in India

Goa Shipyard Ltd (GSL) and MTU, Germany have agreed to cooperate in the  local manufacturing of technologically-advanced MTU series 8000 engines in India. Under the agreement, which was signed at India’s leading defence trade show Defexpo-18, the companies will manufacture the 16-

Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter