sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« Direct Tax »
 Received income tax notice? Here is what it means and what you need to do
 TDS different while buying NRI property Income tax return (ITR) filing
 CBDT plan to incentivise ‘quality orders’ worries trade
 How to save tax using the demat account?
 Income tax returns (ITR) filing: These are evasion cases picked up by Income-Tax department for scrutiny
 Did you get a defective income tax return notice? ITR filing
 Income Tax returns (ITR) filing: All your transactions are under taxman's scanner
 How to pay tax on cryptocurrency assets in India
 Received an income tax notice? Here's what it may mean
 Government appoints 2 new CBDT members
 Here are 6 ways to do it ITR verification

Tax returns must report assets from FY13 as govt closes in on rich evaders
April, 30th 2013

People sitting on huge assets but paying little income tax may have reason to worry. In an ambitious bid to counter tax evasion, the government has decided to introduce a new income tax return form effective financial year 2012-13, that will require individuals to disclose all their assets and liabilities, rather than just annual income from various sources. The new return, therefore, will be a comprehensive balance sheet of assets and liabilities, disclosing ownership of houses, jewellery, urban land, motor cars and other personal effects such as yachts and aircraft, along with outstanding debt.

The idea is to extend the scope of tax return to include information that is in the domain of wealth tax — a levy that has poor compliance history in the country. The department wants to zero in on individuals, mainly traders and businessmen, who disclose modest income, but own fancy SUVs, houses at posh locations and other assets that clearly do not agree with the reported income. Rich farmers who don’t report taxable income, other than agriculture income might escape the new reporting norm also, as farm income is not taxable, analysts say.

At present, the requirement for individuals and Hindu Undivided Families to pay a wealth tax of 1% on ‘net wealth’ (total assets minus debt) above R30 lakh and file wealth tax returns is not strictly complied with. The country reported a wealth tax collection of just R866 crore in 2012-13, way below the budget estimate of R1,244 crore, itself a shadow of what

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions