Tax is a word that a common man not only knows when it comes to earning, it becomes intimidating too. The reason is that there are so many screws in income tax laws that it can prove to be difficult for anyone to understand.

The time for filing income tax is approaching, it is important that you know and understand the changes in the rules related to them. On such occasions, tax gurus bring a lot of information and experience and do away with the difficulties related to tax.

According to the reports, the details of any investment you have now and whatever amount of deposit you have in your bank, if you do not give it in IT returns you may have to pay for it.

If you do not give details of all the investments in IT returns then it will be considered undisclosed and can it be considered as an anonymous property

To understand this, we have to go back a bit. Wealth Tax has been abolished in the financial year 2015-16. Wealth tax was to give a complete account of the property. Details of wealth tax are now put in IT returns.

These returns are to be given under schedule of IT returns schedule AL. Its income of more than 50 lakh can be filled. It has to give details of the real estate instead of the details.   

The government is trying to get the correct details under the Anonymous law. Transactions can be anonymous on incorrect information in IT returns. Under this provision, the property can be seized or punished. Therefore, give the correct information of liability and property in the ITR.

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