Bank, foreign trip details on I-T returns likely soon?

it returnsNew Delhi: The Special Investigation Team (SIT) which submitted its first interim report to the Supreme court this week has sought changes in income tax return forms which will have details of the tax payer's foreign bank accounts or foreign trips, a daily newspaper has reported.

SIT has initiated steps for bringing back black money stashed away by Indian citizens in foreign banks.

Quoting sources, the paper said that the SIT has also sought reforms in the Foreign Exchange Management Act (FEMA). The SIT is understood to have sought to make it a criminal law rather than civil, the paper said.

Furthermore the SIT has also reportedly said that the the Enforcement Directorate (ED) should be given more teeth to attach properties acquired overseas by Indian citizens if found guilty of hawala transactions under Prevention of Money Laundering Act.

The Supreme court had constituted the SIT headed by its former judge M B Shah on a plea of senior advocate Ram Jethmalani who had moved the court for the purpose of getting black money back to the country.

It had appointed its retired judges M B Shah as the Chairman and Arijit Pasayat as the Vice Chairman of the Special Investigating Team (SIT) for providing guidance and direction in the investigation of all cases of black money in the country and abroad.--PTI

Check out More news from Telecom Sector :: Pharmaceutical Sector :: Auto Sector :: Infrastructure :: Real Estate