Disclose all bank A/Cs in IT return

0
90

New Delhi:Now, Indian taxpayers have to disclose details of all bank accounts held by them in the country and also foreign trips. As per the new income tax return forms for assessment year 2015-16 relating to income year of 2014-15, it is notified by the Central Board of Direct Taxes(CBDT). The requirements for additional disclosure come, as the government is trying hard to curb black money and improve tax collections.

Individuals having income from salary, pension, one house property and other sources like interest file the returns in ITR-1 form. Apart from this if they earn income from capital gains and foreign assets they file returns in ITR-2 forms. The new forms require an assessee to furnish the number of accounts he/she holds including those opened and closed during the previous year and the balance in the account as on March 31.The assessee will also have to furnish the name of the bank, account number/numbers, its address, The Indian Financial System Code (IFSC code) and any possible joint account holder.

On foreign travel, tax payers are required to disclose passport number, the issuance place of the passport, countries visited, number of times such visits are made and in case of a resident taxpayer, the expenses incurred from own sources in relation to such travel. CBDT has introduced Aadhar card for electronic verification of return of income-tax filed as an option to send ITR-5 directly to the department. Previously, after electronic filing, the taxpayer had to speed post signed copy of ITR-5 to the department. Within 120 days, taxpayers used to receive a confirmation message of filling returns from the department.

---
---