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Income tax assessees will now be required to disclose details of foreign travel and expenses incurred during such visits in their tax returns.
This has been mandated as part of a schedule prescribed in the tax returns notified for the assessment year 2015-16 (financial year 2014-15).
This schedule is required to be filled if the assessee has undertaken any foreign travel during the previous year (financial year 2014-15).
Also need to be disclosed are the passport number of the assessee, the countries visited and the number of times it was visited during the financial year 2014-15.
Moreover, the assessee has to mention the expenses incurred from own sources of income in such trips i.e. other than expenses incurred by the employer or any other person being a sponsor.
"This latest CBDT prescription may turn out to be onerous and would require taxpayers to maintain additional documentation", Aseem Chawla, Partner, MPC Legal told Business Line.
Taxpayers also need to give information of all bank accounts even if they have been closed during the financial year.
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