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

E-cigarette ban welcome; now aim for more tobacco control

In what it describes as a “major health and wellness initiative for the country”, the union cabinet has approved the promulgation of an ordinance to ban electronic cigarettes. The move, coming amid a debate over the ways to control tobacco use, should be welcomed, and it needs to be complemente

Ajay Singh is president’s press secretary

Ajay Kumar Singh, who has been the editorial director of Governance Now, has been appointed the press secretary of the president of India. The decision was made by the Appointments Committee of the Cabinet headed by prime minister Narendra Modi on Monday. The appointment will be on contract

Amit Shah on India’s languages: What else he said

Home minister Amit Shah’s remark on the need for a single national language has rightly sparked a debate, but the headlines missed much in his speech about language, culture, and identity. Giving away Rajbhasha Gaurav Puraskar and Rajbhasha Kirti Puraskar awards on the occasion of Hin

On A Personal note with musician Apache Indian

Renowned British singer, songwriter and reggae DJ, Apache Indian (originally known as Steven Kapoor) shot to fame with his style of music which came to be known as bhangramuffin (also called bhangragga) – a mix of bhangra, reggaemuffin and traditional dance hall in the early 1990s. His style changed

Traffic fines: Find the sweet spot between penalty and self-goal

When close to five lakh people are killed in road accidents every year in India, road transport minister Nitin Gadkari should have been complimented on his not-so-populist move to impose higher fines for traffic violations. Instead, many people are unhappy and several states – mostly ruled by the BJP



Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter