Tax Department might ask non-salaried individuals to declare in-hand cash
By Neelima Shankar
Apr 4, 2013
Print    Email    RSS   

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.


(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

Carnival of Indian Personal Finance Blogs #3
Steps to file Income Tax return online
Carnival of Indian Personal Finance Blogs #4
Savings account portability: How...
How to check balance in savings bank account

kya account no 05890100004013 uco bank ke hi he...
i want account number i lost my passbook
i want to check my a/c
How many rs balance in my account sbi
Pl. find the address of account holder Accont no....
check my account balance

HDFC bank adjudged as the Best private bank in India Feb 16, 2015
HDFC reported an increase of 20% in its net profit Feb 16, 2015
ICICI bank launched Flash remit facility Feb 13, 2015
BOM launched new savings deposit scheme for HNI customers Feb 12, 2015
BMB bank to have a total of 80 branches by the March end. Feb 10, 2015
News Archive