Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT RATES :: ACCOUNTING STANDARD :: TDS :: cpt :: form 3cd :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: articles on VAT and GST in India
 
 
« General »
 Supreme Court agrees to hear plea on imposition of service tax on lawyers
 India's tax department signs 3 advance pricing agreements
 Income Tax Dept to probe deeper into suspicious bank accounts
 Modi may lower taxes to spur demand in his budget sops
 Tax breather for foreign investors: All you need to know
 What the increase in tax collections does not tell us about Indian economy post demonetisation
 India’s crazy retrospective tax on foreign funds will tarnish country’s reputation
 How tax related, PAN grievances can be resolved through E-Nivaran
 Tackling income tax exemptions for equities and agriculture
 Amfi wants tax benefits for retirement plans
 Top five factors which could chart market direction in the coming week

Tax lens only on multiple foreign visits
May, 04th 2015

The tax department is readying the contours of the new income tax returns form which may require only those with overseas personal visits exceeding a certain number to disclose spending details, sparing a majority from making detailed disclosures.

Sources indicated that only those who go beyond six or seven personal visits in a fiscal year will need to file expenditure details in the returns form. Those going on business or official trips won't have to reveal spending details.

The controversial 14-page form released last month had sought details of spending during overseas trips and data on domestic and foreign bank accounts, prompting finance minister Arun Jaitley to order an immediate review.

The revised form, which will be unveiled soon, will require taxpayers to file returns in three or four pages. Only those with income from specific sources, which would come under the lens in normal course, or those required to make certain disclosures would need to go beyond the first few pages, sources said.

The new form released last month had come in for severe criticism as it required individuals to disclose personal spending during overseas trips and data on domestic bank accounts in addition to details of foreign bank accounts, investments in entities abroad as well as information related to interests in trusts. This had prompted finance minister Arun Jaitley to order an immediate review.

Jaitley was then in the US to attend the annual meetings of the World Bank and the International Monetary Fund and the decision had been taken at the official level following a recommendation made by the Special Investigation Team on black money that had been set up by the BJP government following a Supreme Court observation.

The government has already held consultations with industry representatives as well as internally and the minister told Parliament last week that the new forms would be released soon.

"Recently, a controversy did come up. There is an old income tax form of 12 pages which was made 13.5 pages. I was out of the country when it was done. I had it stopped. I am having the entire matter reviewed and very soon you will hear of an extremely simplified procedure coming from us," he said in Lok Sabha while replying to the debate on the finance bill.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions