New Delhi: The Finance Ministry is likely to exempt assesses from sharing details of company sponsored foreign trips in the revised Income Tax Return (ITR) forms, but may retain the disclosure of foreign bank accounts, sources said.
The simplified form, which is being brought after the earlier version was opposed by industry, MPs and assessees for cumbersome disclosure norms, is also likely to exclude disclosure of dormant domestic bank accounts as also those which do not have a minimum specified balance.
“The tax department feels that declaration of company sponsored foreign trips could be kept out of disclosure,” an official source said.
As regards personal travel, the official said, that there could be an expenditure cap beyond which the trip would need to be disclosed in the revised ITR.
“Only those incurring expenditure higher than a specified cap will have to fill in the annexure provided in the forms,” the official added.
“Disclosure with regard to foreign bank accounts would stay as otherwise it would defeat the purpose of the black money legislation,” the official added.
Parliament last week passed the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Bill, 2015, which seeks to unearth unaccounted wealth stashed abroad.
The tax department is likely to come out with the revised form by the month end, the official added.
PTI