• Skip to content
  • Skip to primary sidebar
  • Skip to secondary sidebar
  • Home
  • DOPT
  • 7thPC
  • OROP
  • AICPIN
  • 7thPC Excel Calculator
  • CSD
  • Contact Us

7th Pay Commission Latest News

Central Government Employees News

Recent
Cabinet approves 3 % DA from January 2019 hot
Holiday List 2019

New ITRS : Taxpayers To Disclose Expensive Assets

April 4, 2016 Leave a Comment

New ITRS : Taxpayers To Disclose Expensive Assets

Assets include immovables such as land, building and movable assets like cash, jewellery, bullion, aircraft, yachts

NEW DELHI, APRIL 1:  

High net worth assesees with income of over Rs 50 lakh annually and owning assets such as land, building, yachts, aircraft or bullion will now be expected to disclose these in their income tax returns.

These changes are part of the new Income Tax Return forms 2016-17 that have been notified by the Finance Ministry. Tax returns for last fiscal can be filed from today with the start of the new financial year 2016-17 till January 31.

The Central Board of Direct Taxes has introduced a new reporting column in the ITR-2 and ITR-2A for disclosing assets and liabilities at the end of the year. Individuals and entities coming under this income bracket will also have to mention the total cost of such assets.

The move is expected to help the tax officials keep a closer eye on tax evaders and check black money.

Assets to be declared would include immoveable assets such as land and building as well as moveable assets like cash in hand, jewellery, bullion, aircraft, yachts, vehicles and boats.

So, while immovable assets like land and building have to be furnished under the new ITR regime, movable assets like cash in hand, jewellery, bullion, vehicles, yachts, boats and aircraft will also have to be disclosed to the taxman. The liabilities to be reported would be in relation to these assets.

Many tax experts view the new disclosures as a follow up to the reporting under the earlier wealth tax.

Welcoming the threshold for disclosure of assets, Tapati Ghose, Partner, Deloitte said, “Individuals are likely to face a challenge in determining cost for gifted assets (such as jewellery), inherited assets and for assets purchased several years earlier where records have not been retained.”

Meanwhile, with start-ups now getting government backing, ITR 2A, which is to be filled by individuals and HUFs who do not have income from either business, profession or by way of capital gains and do not hold foreign assets, has a new column for Pass Through Income.

The column seeks details of “income from business trust or investment fund as per section 115UA, 115UB” of the Income Tax Act, which deal with investments made in a venture capital company.

Meanwhile, the CBDT has also extended the applicability of Form Sugam or ITR 4-S to a firm, other than a limited liability partnership. The form was earlier meant for only those individual and HUF that derive business income which is computed under presumptive tax.

Online rectification

Meanwhile, the CBDT on Friday also said that taxpayers should opt for online rectification of mistakes in income tax returns and records.

“Taxpayers who are not satisfied with the outcome of processing of their Income Tax Return by the Centralised Processing Centre, Bengaluru can avail of the facility of online filing and tracking of rectification requests,” it said in a release.

The Tax Department has processed over 6.53 lakh online rectification applications in 2015-16.

Source : THE HINDU

 

6
SHARES
ShareTweet

No related posts.

Filed Under: Income Tax

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Most Shared Posts

  • Cabinet approves 3 % DA from January 2019...
    Cabinet approves release of an additional instalment of DA to Central Government employees and DR to
    170 Shares
  • Guaranteed Pension under NPS: PFRDA...
    Guaranteed Pension under NPS: PFRDA PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY B-14/A, Chhatr
    180 Shares
  • Confederation extends solidarity & support to BSNL Nationwide thr...
    Confederation extends solidarity & support to BSNL Nationwide three days strike from 18th Februa
    84 Shares
  • National Convention of Trade Unions on 5th March 2019...
    National Convention of Trade Unions on 5th March 2019 Circular No. 9/2019                 
    40 Shares

Categories

Recent Comments

  • Subir Kumar Bandopadhay on Recovery of excess/ wrongful payments to BSNL employees
  • Hemant on Haryana Civil Services (Revised Pay) Rules 2016
  • Diwakar Mishra on Demands of the Central Government Employees : NCJCM
  • Diwakar Mishra on Demands of the Central Government Employees : NCJCM
  • Anjani Amar on Inter-Railway Mutual Transfer – Railway Board Order
  • Shailesh on Demands of the Central Government Employees : NCJCM
  • Debi Roy on Reduction of retirement age from 60 to 58 – Status in MTNL and BSNL.
  • J GOWTHAMAN on Demands of the Central Government Employees : NCJCM
  • Shailesh Shukla on NJCA Meeting – Minimum Wage and Fitment Formula
  • A APPARAO on Authorisation of withdrawals under National Pension System

Free Newsletter – Subscribe here

Enter your email address:

Delivered by FeedBurner

Secondary Sidebar

Latest DOPT Orders

Early Closure of Offices in Connection with Republic Day Parade and Beating Retreat Ceremony during January, 2019

Standard forms for permission under the rules and expenditure in respect of immovable property

Amendment in CCS (Leave) Rules, 1972 on implementation of 7th CPC.

Bye elections in Gujarat and Jharkhand : Grant of paid holiday

Important Notice for the Applicants of Lateral Recruitment to Senior Positions

Latest Finmin Orders

Air travel on official tour where the cost of air passage is not borne by the Government of India

Switch to Electric Vehicles in Secretariats/Attached Offices in Delhi : FINMIN

7वां वेतन आयोग – संशोधित वेतन संरचना में शामिल होने का विकल्प में संशोधन का अवसर दिया जाना।

Opportunity for revision of option to come over to revised pay structure : CCS (RP) Rules 2016 – FINMIN

CGEGIS 1980 : Table of Benefits for Fourth Quarter

Copyright © 2019