*Filing income- tax returns gets more complicated*
Filing income- tax returns is not a pleasant job for most, even for those
who have no income to show other than salaries. And, the continuous changes
in the income- tax returns form, often, makes the filing process more
complicated.
- One has to be extremely careful about filling the various boxes in the Income Tax Return ( ITR) form and ensure that it matches the details mentioned in the income certificates. And, with filing possible only on-line, there is no scope for any error, or else you can expect a notice from the income tax department.
- This year might be a challenge for those who earn more than ₹ 50 lakh. In addition to details of salary and various exemptions, these individuals also have to disclose the value of the non- financial assets they own. This value has to be the cost or acquisition value. The disclosures include particulars of assets like land, buildings, cash in hand, jewellery, bullion, aircraft, yachts and boats.
- Another change this year is that individual taxpayers also need to report the details of the pass through income received from business trusts or/ and investment funds.
- The government wants to know whether your non-financial assets are in proportionate to your income or you are earning black money.
- Individuals have to face difficulties because non maintenence of records of jewellry which they received in gifts.
