Sponsored foreign trip may not need disclosure in revised ITR

Published on May 18, 2015 20:20:20 PM
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.