Income tax department may ask the individual about cash in hand in the new income tax forms and ask the individual to declare cash in hand if more than 50000 to self employed individual.
The department also willing to know about the vehicles, boats, yachts and aircraft details owned by the individual. Also income tax wants to know about the details about jewellery, gold and precious metals.
In the new income tax forms which will be published shortly, individual may ask to provide details about the paintings, drawings and archeological collections too.
In the new income tax forms, individual may declare all the assets and liabilities in the separate column. Assets include all the land and buildings details, share, investment and loan and advance details.
Income tax department wants to know all the financial positions of the individual including very low thing of cash in hand and it won’t be easy to conceal the facts with the department as third party sources information will be vital to match the declare assets and the actual ones.
These forms are for non-salaried individual having high net worth and often conceal the actual assets and property details. Department also wants to make declare the assets as wealth to collect more and more wealth tax from the individual.
These income tax forms will be ITR-3 and ITR-4 which are for individual other than salaried.
Last year department made it mandatory to declare all the assets and liabilities details to individual with foreign assets. Now the department willing to make it compulsory in domestic assets too.
Keywords-new income tax forms,income tax forms 2013-14,new it forms 2013-14