05 June 2018
Suppose an individual having income more than Rs,. 50 Lacs during the financial year 2017-18. As per the provisions of I T law, Assessee has to disclose the value of assets and liability thereon including jewellery. Such assessee not prepares the balance sheet and having certain personal jewellery. So how to determine the value of such jewellery to disclose in ITR 2 for A Y 2018-19. Whether cost can be taken as base for disclosure.. Further if In the next assessment year, assessee has income less than Rs. 50 lacs, then what be tax implications for non disclosure Kindly advise.
CAclubindia
