New disclosures required at Income tax return.

The Income tax return of AY 2016-17 notified by CBDT vide notification No. 4/2016 dated 30-03-2016

The ITR contains following new disclosures required to be made by taxpayer having total income exceeds Rs. 50 lakhs. Similar disclosure require to be provided almost for other income tax return like ITR-2.

The item mentioned here are land & building, Cash, jewellery etc. and required to be mentioned at cost.

Tax payer who maintains balance-sheet will find it simple to fill the captioned details, but for taxpayer who don’t maintain balance sheet especially the salaried class will find it difficult as require to prepare & maintain balance sheet on yearly basis.

Also, the historical cost of jewellary etc. for Indian tax payer is a complex process as they don’t have the record of historical cost of the same. For this, one time valuation process may be required.

The historical cost of land & building can be obtained from the copy of sale deed including registration cost.

The first time disclosure required to be perfect as any big variation in future will lead to audit from the tax department.

The amount required to be disclosed as cash In hand also to fill carefully as taxpayer may keep in hand a good amount of cash required during any emergency.