CBDT devices new way to drive black money away

Published on April 18, 2015 15:14:15 PM
The Central Board of Direct Taxes (CBDT) has come up with new income tax return forms with crucial additions, which have been made to curtail the rising peril of black money in India.

Those filing income tax returns for the year 2015-16 will have to furnish details regarding their foreign assets, any source of income in foreign countries, and particulars of their bank accounts held in India at any time in the preceding year. 

The tax payer will also be required to provide information about immovable property, financial investments in any company, and also details of any trust that have been established outside the country.

The taxpayers, who have travelled to foreign countries, will have to give details like the country they visited, their passport number, the number of times they travelled out of the country and the source of funding of the tours.