Travelled Abroad This Year ? Don’t Forget To Furnish Details In Your Income Tax Returns

foreign travel

Income Tax Department has released the new Income Tax Return Forms vide its notification 41/2015 dated 15 April 2015, which are to be used for filing income tax returns for the Assessment Year 2015-16.

It is of significance to note that:

A – All foreign travel undertaken during the year must be declared on the IT Return, along with the related expenditure met out of personal sources. This effectively means that even if your travel was sponsored by your company for official reasons, you still need to mention how much was your personal expenditure on the trip.

B – Details of all bank accounts that you currently hold, or may have opened / closed in the last year.

Please see images below for the particulars to be furnished. (Please click on the image for larger view.)

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