AVOID CUMBERSOME COLUMN ON ITR ON FOREIGN TRIPS: PHD CHAMBER TO FM

AVOID CUMBERSOME COLUMN ON ITR ON FOREIGN TRIPS: PHD CHAMBER TO FM

AVOID CUMBERSOME COLUMN ON ITR ON FOREIGN TRIPS: PHD CHAMBER TO FM

 

No.PR-15
April 24, 2015
New Delhi
 

AVOID CUMBERSOME COLUMN ON ITR ON FOREIGN TRIPS: PHD CHAMBER TO FM
 

PHD Chamber of Commerce and Industry on Friday welcomed attempts for further simplification of Income Tax Returns (ITR) Form to make it user friendly so that the tax compliance increases manifold though demanded that the details on foreign travels undertaken by the assessees should not be asked through creating cumbersome columns.
 

The foreign travel details of the assessee should be kept in simple format to promote efficiencies and compliance as the government may consider asking for the total number of trips undertaken along with countries visited by the assessees with bifurcation of personal and official tours without disclosing the amount spent.  This will encourage parties to disclose the details without disclosing the source.
 

The PHD Chamber delegation, consisting of its Senior Vice President and Vice President along with the Chairman of Direct Taxes Committee of the Chamber Mr. Mahesh Gupta, Mr. Gopal S Jiwarajka and Mr. Anil K Chopra that met the Finance Minister Mr. Arun Jaiteley here today also urged him that in case of Foreign Trusts, the details may be sought in respect of Specific Trusts and should not apply to discretionary beneficiary in case of a Discretionary Trust.
 

The Chamber appreciates the Government’s intent to address the growing menace of Black Money in the country. We believe that assessees should be encouraged to adopt voluntary tax compliance through a tax-friendly regime.  The introduction of new Income tax Forms is a step to encourage voluntary tax compliance and at the same time keep a check on the unaccounted Black Money.
 

It was also pointed out that the government has sought details of bank accounts of all assessees.  This is a positive step to increase the tax base which will promote transparency. We believe that the assessees should not hesitate in providing this simple basic information. Rather this may be authenticated through the digitalised databank available with the Government.
 

In addition, the Chamber delegation emphasized that there is a need to insert space for putting notes in the ITR forms, wherein the assessee may disclose information to support certain facts & figures quoted in the computation columns. This space can be utilised for giving comments and observations by the assessees.
 

ENDS.

Koteshwar Prasad Dobhal
Consultant (PR)