New tax norms target black money but make filing cumbersome: Experts

New Delhi, April 18: The government may intend to target black money with a new income tax returns form, mandating assessees to disclose their bank accounts and details of foreign visits, but it also makes filing of returns that much more cumbersome, experts maintain. "The disclosure requirement on number of accounts and those opened and closed is interesting," Vineet Agarwal, partner, international accounting firm KPMG in India, told IANS, referring to the norms notified by the Central Board of Direct Taxes (CBDT) applicable from the 2015-16 assessment year. "A lot of people have a number of bank accounts. They also leave some of these accounts passive, or inactive. These have to be divulged in the new set of forms for e-filing of returns," he added. But one doubt remains. "A question that needs clarification in respect of disclosure requirements of is whether the 'all bank accounts' includes recurring deposits, fixed deposits, time deposits and loan accounts, besides saving and current accounts," said Sandeep Kanoi, a chartered accountant. On foreign travel, the returns are required to disclose the passport number of the assessee, the countries and the frequency of visit in the financial year, as also the expenses incurred, if any, from own sources of income on such trips. Some of the significant disclosures required include: - Mention status of an account: Owner, beneficial-owner or beneficiary - Furnish account opening date, held since, date of acquisition - State nature of income earned from various sources, including assets held - Mention amount taxable and offered in the return - Disclose details of any other income derived from any other source outside India - Report the Aadhaar number if an individual has one - Provide more details on short-term and long-term capital gains - Mention if tax relief has been claimed using various tax treaty with other countries - Furnish signed copy of physical return.