New ITR forms - asset declaration

New ITR forms requires to declare Land / house, Vehicle and " cash in hand". Needs to be clarified what all is included in "cash in hand ". Does it include Bank deposits, NSCs , KVP, EPF, PPF, Mutual funds, shares? more  

View all 9 comments Below 9 comments
yes that is what it is more  
It is mandatory for those with income above Rs.50 lakh to their disclose all moveable and immoveable investments/ assets and liabilities. more  
In principle ,cash in hand includes bank deposits and other investments as separate sub heads but the individual interpreters never disclose the hard cash ( mostly black money)kept in hidden treasures of house/ offices/lockers or elsewhere. It is very well known that sources of earnings from business of certain lines, agriculture,profession, agencies services, bribery etc have large scope to hide the illegal income from the eye of Income tax and correct information is also not revealed in ITRs. Since there is no question of voluntarily disclosure of illegal treasurers, govt should increase the number of raids on the income tax evaders every year. it is obviously seen in the society that certain people have no legal source of income but enjoying princely life with matching reputation. These examples places wrong messages in society and against hard work and morality. more  
It must be a new form applicable for the Asst year 2016-17. more  
Thanx a lot, my income is Rs3L only/ PA. I dont own a house. more  
Post a Comment

Related Posts

    • Senior Citizens retirement plans going for a toss

      For bank fixed deposits in India: 2016: 9.3% interest 2019: 8% interest 2021: 5.5% interest Senior citizens retirement plans must be under water unless they did enough ...

      By Aditi Jain
    • New Income Tax Portal System

      God news. A lot of time has been vested. In the Court, it may be advised that any future such new thing must be tested in all respect and by all stakeholders, before the due date I.e. 31/03 in this...

      By Hasmukh Sangani
    • Why income details must be given to broker

      Always wondered, why does an investor have to fill in income details with the broker? I buy shares if I have money. I do not need to have an income. And PAN number is a must. So why do you add this...

      By Aditi Jain
    • Bad news for small savers

      There won't be any cut in interest rate of Small savings schemes . Yesterday's decision to lower the interest rate is REVERSED

      By Jayanti Natarajan
    • Bad news for small savers

      Rates on small savings schemes reduced by 50-90 basis points. PPF in April-June quarter to earn you only 6.4% interest against 7.1% earlier. Senior Citizens Savings Scheme to earn on 6.5% now compa...

      By Vikram Gupta
    • Secured earning for Senior Citizens

      I raised this point on earlier occasions also. No relief seen in any budget. I made a suggestion as follows: There are some schemes exclusively for the benefit of Senior Citizens like Se...

      By SN Sitaram
    • Rounding off the amount in Bills

      Request guidance as to which is the appropriate circle & authority to whom i can complain regarding the below mentioned issue: Lately with many of my relatives and friends staying in Gurga...

      By Manas Hazarika
    • Great news for seniors

      Senior Citizens (above 75 years) who get pension and interest income only are exempted from filing returns

      By Azam Yusuf
    • The Govt salutes honest and compliant tax payers

      Recently our CBDT isued a press release saying it cannot punish compliant and honest tax payer by extending various due dates for the assessee who are dishonest, lazy and non compliant and our secu...

    • Can budget help with illiquid stocks

      Most of senior citizens are stuck with stocks of illiquid and delisted companies. To help them a window may be created to extinguish such stocks and set aside such investments against long term ca...

      By Aditi Jain
    • Waive off Tax for the Covid-19 period!

      Covid-19 has affected almost all citizens and residents of India. People are jobless and businesses are either shut down or in a loss. People are unable pay their EMI's. Loan moratorium relief was ...

      By Suhail Sayed
Enter your email and mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

All My Circles
Invite to
(Maximum 500 email ids allowed.)