Come the next financial year when you will be filing your tax returns, the Income Tax Department might want you to share more granular details in certain specific cases.
Sources privy to the developments told CNBC-TV18 that the tax department could make it mandatory to “share details of foreign remittance received by NRI from India and its bifurcation into taxable and non-taxable income.”
“NRIs could further be asked to disclose the business connections they have in India and might be required to report the nature and address of such business connections,” said people familiar with the matter.
The tax department would also want to know those details, “in case of capital assets, if a person who has acquired capital asset from the previous owner who was exempt from capital gains, then he might be asked to report previous owner’s details on the sale of the capital asset,” according to multiple people familiar with the development.
Similarly, there could be more details that start-ups will have to provide while filing their returns.
“For start-ups, the tax department would want to know the details related to registration of start-ups with the DPIIT. Details such as registration number, date of issue of Form 2, Inter-Ministerial board’s certificate number, and details for tax exemption u/s 80IAC such as date of incorporation & initial year of deduction u/s 80IAC to be captured in a new form while filing the tax returns,” sources in the know told & source CNBC-TV18.