Those earning more than 50 Lakh, annually, must file New ITR

New Delhi: Now the people who earns over the Fifty lakh rupees per year and also having the pleasure of owning a yacht, aircraft or valuable jewellery are to disclose such expensive assets with the Income- Tax department, notifying a new set of Income Tax Return forms for the Assessment year 2016- 2017.

And it is notably, from today itself, the fling of the new forms will be started with the onset of the new financial year. Moreover, the decision is being published by the Finance Ministry, in the official gazette where it has ordered in this relation dated 30th March, 2016. Moreover, the order also found containing that the taxpayers need to file such Income Tax returns till the given deadline, i.e. up to 31st July, this year.

Moreover, in the newly provided Income Tax Returns i.e. ITR- 2 and 2A, the Income- tax department has freshly introduced a reporting column calling ‘Asset and Liability at the end of the year’, and this is made applicable in the cases where the total income of the taxpayer exceeds Fifty lakhs rupees. Thus, now anyone either being an Individual or entities which owns such exceeded amount will be coming under this income bracket and as such they will be required to mention the total cost of such assets. Moreover, the assets (immovable in nature) like buildings, lands, etc. will also be required to be furnished under the new Income- tax return regime, and the assets (movable in nature) like cars, jewelleries, yachts, aircrafts, etc. will also have to be shown under the same regime of new ITRs.

Also, if any company or entity which is showing such high- value possessions would also be required to give details of their “Liabilities” in connection with the said items.

Moreover, as said by the senior official from the department, the said new reporting mechanisms for all such people who are earning over 50 lakh rupees in their annual income, are provided for checking the main issued of Tax Evasion.

Also, it is notable that Arun Jaitley- the finance minister has also announced earlier in the recent Budget that there will be for three years, the start-ups would be giving 100 per cent tax exemptions.

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