" HIGH NET WORTH INDIVIDUALS ( HNIs ) ARE IN A BIG TROUBLE ".... " I-T Returns may require disclosure of all INDIAN Assets " .......... " The Finance Ministry is contemplating making it mandatory for individuals and Hindu Undivided Families (HUFs) to report Indian assets and liabilities in income-tax (I- T) return forms. The government is considering to introduce a new income tax return form that will require individuals to disclose all their assets and liabilities, rather than just annual income from various sources. The intention is mainly to get information about those High Networth Individuals ( HNIs) who have not been declaring all their assets to avoid paying wealth tax .
Posted on: Sat, 15 Jun 2013 06:25:42 +0000