Finance Ministry's consistent efforts to counter tax evasion practises in India might lead you to disclose all your assets and liabilities in I-T returns disclosures. This might be made mandatory for individuals and HUF's (Hindu Undivided Families).
So, you might have to fill up a new I-T return form that would ask you to disclose all your assets and liabilities. The year that went by saw disclosure of assets and liabilities being made by those individuals who owned foreign assets.
This initiative by the Ministry of Finance is to bring into net those HNIs who earlier were evading from paying wealth tax.
Wealth Tax is currently charged at 1% of the assets exceeding 30 lacs. This does not exceed one residential property and financial assets.
Caution:
Kindly confirm with your Chartered Accountant about the implementation of the same and the date of effect, before taking any decision.
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