New income tax return forms introduced for eyes those earning over Rs 50 lakh
Posted on: 02/Apr/2016 11:31:42 AM
The Income Tax department has introduced a set of Income Tax Return (ITR) forms for assessment year 2016-17 for people with an income of more than Rs 50 lakh per annum and having the pleasure of owning a yacht, aircraft or valuable jewellery will now have to disclose these costly assets.
Filing for the new forms begins with the onset of the new financial year Friday. The department has introduced a fresh reporting column in the new ITRs (ITR-2 and 2A) called Asset and Liability at the end of the year which is applicable in cases where the total income exceeds Rs 50 lakhs. Individuals and entities coming under this income bracket will also have to mention the total cost of such assets.
The new reporting mechanisms for people earning over Rs 50 lakh per annum are made to check tax evasion by high-net worth individuals and entities. While their income returns used to cover this in a way till now, a new exclusive column was essential to keep the taxman informed. The income tax returns can be filed up to 31st July.
