Mandatory disclosure of foreign trips and dormant accounts dropped from IT returns
Q. In the new Income Tax Return (ITR) form, the government has dropped the controversial provision for ________.- Published on 13 Jun 15a. Mandatory disclosure of foreign trips & Mandatory disclosure of dormant bank accounts.
b. Mandatory disclosure of dormant bank accounts & Mandatory disclosure of Households
c. Mandatory disclosure of Households & Madatory disclosure of Vehicles
d. Madatory disclosure of Vehicles & Mandatory disclosure of Households
ANSWER: Mandatory disclosure of foreign trips & Mandatory disclosure of dormant bank accounts.
In the new forms, the government has dropped the controversial provision for mandatory disclosure of foreign trips and dormant bank accounts. The Finance Ministry in a statement said, the forms - ITR 2 and ITR 2A - will have only three pages and other details will have to be filled in schedules. At present individuals having income from capital gains are required to file Form ITR-2 but it was noticed that majority of individuals who file it do not have capital gains.
