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The Government has stated that there is no specific legal definition of High Net Worth Individuals (HNIs) under the Income-tax Act, 1961. Instead, taxation in India continues to be based strictly on income slabs, irrespective of whether earnings come from salary, business or professional sources. M
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FAQ :
No, the Government has stated that there is no specific legal definition of High Net Worth Individuals (HNIs) under the Income-tax Act, 1961.
Taxation in India is based strictly on income slabs, irrespective of whether earnings come from salary, business, or professional sources.
Taxpayers are now required to disclose details of movable and immovable assets in their income tax returns if their income exceeds Rs 1 crore, effective from Assessment Year 2025-26.
Failure to comply with the new disclosure requirements may attract penalties under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
The government is strengthening tax enforcement through tax treaties, global cooperation, and the use of advanced data analytics tools to detect discrepancies and track potential tax evasion.
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