Indore: Get ready to furnish more details of asset
Indore: Get ready to furnish more details of asset

The tax evaders are set to face tough time as they will have to fill more details about their properties and sources of income. They will be required to fill details of income tax returns, which will be mandatory. False disclosures will attract penal action.Chartered accountant Deepak Maheshwari stated it while addressing a seminar organised on new income tax return forms for 2019-20 at Manas Bhawan Hall here on Friday. The seminar was jointly organised by Institute of Chartered Accountants of India Indore  branch and Tax Practitioners’ Association.

Maheshwari gave detailed information regarding new return forms and solved queries of participants. Maheshwari said many changes have been made in new income tax return form, which is designed to get maximum number of information digitally. Now, the taxpayers cannot refuse to give information.

According to Maheshwari, special attention is given on proof of farm income in new return forms, under which detailed information of agricultural income of more than Rs 5 lakh is being sought. It includes details like district code, land area etc. Maheshwari further said more information will be sought about sold property in the return forms. Now, seller has to reveal name of the buyer, his PAN, the value of transaction and the property’s address. “If there are many people who can purchase property, then he will have to share details of all of them.

In new forms, for the purpose of striking at black money, detailed information is sought from the government regarding investment in shares of unlisted companies and in the same way if the taxpayer is a director in any company, then he will also have to give comprehensive information about it in income tax return form.

The information will be used to keep check on bogus companies. Maheshwari said central government now wants to make an assessment of income tax return using information technology. This will encourage people to follow tax laws.  A large number of tax practitioners and chartered accountants attended the seminar.

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