After detecting several cases of tax evasion across India, the Income Tax department has issued new guidelines for IT returns (ITRs) according to which assessees will have to disclose more information about their income and other activities.
A senior IT department official said that individuals andbusinessmen have to disclose more details of professional and residentialstatus, as well as their income, while filing the income tax returns (ITRs) for2018-19, according to the new forms notified by the income tax department.
“During the last fiscal, our surveys pointed out severalcases of chronic tax defaulters across India and also in J&K. In order toplug the holes, the department has come up with a new ITR policy which is aimedat curbing tax evasions,” he said.
“IT department has time and again warned defaulters to fallin line, otherwise strict action will be initiated against them,” he said,asserting that the new ITR policy “will help in arresting the menace of taxevasion”.
In J&K, last month, the IT department raided over 30premises during which it detected undeclared properties worth Rs 41 crore andseized Rs 1.44 crore undisclosed cash, according to officials.
“During the raids, unaccounted jewellery worth Rs 2.48 crorewas seized and concealed financial transactions of nearly Rs 17 crore weredetected,” a statement by the central board of direct taxes said.
According to new ITR policy, those who claim income taxexemption for farm income will have to disclose where the agricultural land islocated, its size, whether it is irrigated or rain-fed, and whether they ownthe land or hold it on lease.
Taxpayers will need to be careful with ITR filings and willneed to collate additional details well in advance, said experts.
The option of filing tax returns in physical form is nowavailable only to people aged 80 or more.