Salary income above 50 lakh

14 June 2016

Dear friends, Pls tell me, salaried person whose salary above 50 lakh is also require to disclose all the assets in itr from ay 16-17.???

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5 Replies

CA Saurabh Singh (Practising Chartered ) (974 Points)
Replied 14 June 2016

Hi Vishal,

Disclosure of assests for all taxpayers having income exceeding 50lakhs including salary is mandatory.

CA Harshal Totla (Chartered Accountant) (2229 Points)
Replied 14 June 2016

yes Mr.Vishal, if assessee has total income above Rs.50Lakh he is required to disclose specified assets and liabilities in his ITR form

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Vishal Khot (64 Points)
Replied 14 June 2016

Thank you Saurabh sir...

Vishal Khot (64 Points)
Replied 14 June 2016

Thanks Harshal.....

Pankaj jain (BD) (22 Points)
Replied 21 November 2016

How about someone earning around 49 lakh, is he also expected to disclose all assests . What is the most efficient breakup for such a salary ?

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