New tax form to seek details of foreign travel, bank A/Cs

When you file your tax returns in July, you will have to submit details of any foreign trip that you have undertaken, including the expenses borne by you.

The tax authorities have made several additions to the income tax return forms for the assessment year 2015-16 seeking details about foreign assets and income from any source outside the country, and details of all bank accounts held in India at any time during the previous year. A taxpayer will have to give details of any bank account opened or closed during the previous year, including those where a taxpayer has a signing authority. Further, it wants information related to immovable property, financial interest in companies and details of trusts created outside the country.