New ITR Form: Government is bringing a new ITR form for these people, they may have to give this information

Expensive Holidays in New ITR Form: If you go on a luxurious holiday, you may have to give information about its expenses to the government. Actually CBDT is coming up with a new form. In this, you may have to give information about such expenses. The government wants people to declare their correct income and pay tax honestly.

New ITR Form: If you go somewhere for a holiday and spend a lot of money, then you may have to give information about it to the government. This information will have to be given while filing Income Tax Return (ITR). The government is making some changes in the ITR form for this. If this happens, then it can be a problem for those people who show less income but live a luxurious life. According to Economic Times, the Central Board of Direct Taxes (CBDT) is going to change the ITR form. Its purpose is that people do not show less income and those whose expenses are more as per their income can be identified. More information will be sought about exemptions and reliefs in the new ITR form. This will reveal whether people are hiding their income by taking exemptions in the wrong way. Information about expenses like expensive holidays can also be sought in the form.

When will the forms change?

Officials say that the ITR forms will be completely changed from next year. But some changes can be implemented in this year’s assessment year itself.

A senior official said that there is a need to change the tax return forms. These forms should be easy to fill. Also, it should be difficult for those who are not disclosing their true income to evade tax. New ITR forms will be released soon.

Changes in AIS and TCS too

The Annual Information Statement (AIS) will also be improved. This will help in analyzing the data and identifying suspicious cases. AIS is a statement containing complete information of the taxpayer for a particular year. It includes information such as interest income, dividend income or tax collected at source (TCS). Most of the information is already filled, making it easier to file tax returns.

The department has also expanded the scope of TCS. Now purchase of luxury items has also been included in it. This will help in monitoring expenses and detecting undisclosed income.

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