Keeping in-hand cash of more than Rs 50,000 can draw the attention of the Income Tax Department. Government may soon ask non-salaried individuals to declare in-hand cash of more than Rs 50000.
The income tax department may also ask for the details of vehicles, aircraft, yachts and boats owned by individuals. People buying gold will also have to provide the details of the jewellery, bullion or article made of gold or precious metals.
According to the new form for income tax return, art lovers may be asked to provide the details of paintings, drawings, sculpture or archeological collections.
It is likely the income tax department would also seek the details of land or buildings, deposits, insurance and shares in one's name, as well as loans and advances. After providing the details of all assets on acquisition costs, taxpayers would also have to declare liabilities in a separate column.