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High Net Worth Individual (HNIs) are in a big trouble

PALASH (Nothing) (1970 Points)

13 June 2013  

" HIGH NET WORTH INDIVIDUALS ( HNIs ) ARE IN A BIG TROUBLE "....

" I-T Returns may require disclosure of all INDIAN Assets " ..........

" The Finance Ministry is contemplating making it mandatory for individuals and Hindu Undivided Families (HUFs) to report Indian assets and liabilities in income-tax (I-T) return forms.

The government is considering to introduce a new income tax return form that will require individuals to disclose all their assets and liabilities, rather than just annual income from various sources.
The intention is mainly to get information about those High Networth Individuals ( HNIs) who have not been declaring all their assets to avoid paying wealth tax .

Thanks..
PALASH RAKSHIT.


 6 Replies

Mayank Saini (Student) (123 Points)
Replied 14 June 2013

Good for the economy, bad for Tax evaders. 

gbalakrishnan (owner) (1368 Points)
Replied 14 June 2013

what is balance sheet? it only reflects one day of the year u call as on...; what you can gather information that way HNI  or corporate were born; Yes IT needs revenue as CAD ISterrific as on date then another pressure is building on under Food secrity bill if passed or ordained it will increase deficit by about Rs.1.5 lac crore per year. where fron govt will get to pay 67% populace but just from tax payers!

soon LNI i mean low net worth individuals will be covered so a lot of new job opportunities will be genrated in this income tax department for this great 'innovative screwing', yes we will be benefitted as lawyers we will get a lot many cases, government may open Income tax dedicated law degrees soon , a new education planning! great indian economy. Kudos!

PALASH (Nothing) (1970 Points)
Replied 14 June 2013

Thanks Mayank Sani,, Thanks a lottttttttttttttttttttt...........................

gbalakrishnan (owner) (1368 Points)
Replied 20 September 2014

INCOME RAX IS TAX AS ON 31.3. OR OTHER MONTH OF AY. SO IT LIKE BALANCE SHEET AS ON PARTICULAR DATE. HOW IT CAN INTRUDE IN YOUR PRIATE DETAILS? IF PRIVATE DETAILS ARE GIVEN THEN U FACE HAZARDS FROM OTHER SOURCES TOO. SO THE FINANCE ACT CONCERNED ITSELF INFRINGING YOUR FUNDAMENTAL RIGHTS WHETHER U R ORDINARY TAX PAYER OF HNI. SO ONE CAN CONTEST THE VERY FINANCE ACT ITSELF UNDER ART 226 IN ANY HIGH COURT HIGHLIGHTING THE FINBNACE ACT INFRINGES YOUR FUNDAMENTAL RIGHTS UNDER ART 14 R/W OTHER RELEVANT ARTICLES INCLUDING ART 300 PROPERTY.

Mihir (Wealth Manager) (5288 Points)
Replied 20 September 2014

It is easier said than done. It is practically not possible to collect such kind of info from so many tax-payers.

Instead, they should focus on external factors such as precarious situation in the middle-east, and the growing military power of China. This will not only adversely affect our oil/gas supply but it will also threaten our national security.

 

Hemant D (na) (303 Points)
Replied 22 October 2014

Today practically all transactions are covered by PAN and IT dept. does have relevant information with it. Why such duplication?

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