News DeskJul 23, 20161 min readASSETS WITHOUT RECORDS ADD TO TAXPAYERS WORRIESAbsence of records of assets may prove costly for high net worth individuals required to make disclosures as part of their income-tax return filing for assessment year 2016-17.The government has issued a new set of income tax return (ITR) forms that require people with an annual income of Rs 50 lakh and more to disclose their assets by July 31, the deadline for filing returns.Immovable assets like land and buildings have to be declared as also movable assets like cash in hand, jewellery, bullion and vehicles. Taxpayers reporting these will also have to describe the “liability in relation” to these.Read more on the story here Business News0 views
Absence of records of assets may prove costly for high net worth individuals required to make disclosures as part of their income-tax return filing for assessment year 2016-17.The government has issued a new set of income tax return (ITR) forms that require people with an annual income of Rs 50 lakh and more to disclose their assets by July 31, the deadline for filing returns.Immovable assets like land and buildings have to be declared as also movable assets like cash in hand, jewellery, bullion and vehicles. Taxpayers reporting these will also have to describe the “liability in relation” to these.Read more on the story here
