Indian taxpayer to report frequent foreign trips |
India`s tax department will want those making more than a certain number of personal foreign trips to fill them out on the new Income Tax Form. The government relented on the earlier proposal that everyone list all foreign visits. A majority of taxpayers will not make detailed disclosures. But this new regulation is bound to impact outbound tourism. Reports said taxpayers will have to report only if they go beyond six or seven personal visits in a fiscal year. Those going on business or official trips would not have to reveal spending details. The earlier controversial 14-page form sought details of spend during overseas trips and data on domestic and foreign bank accounts. Finance Minister Arun Jaitely had to order an immediate review.
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