"There are only 1.5 lakh individuals whose total income would be above Rs 50 lakh. This schedule in ITR only applies to ultra rich and will not affect the common man," Revenue Secretary Hasmukh Adhia said.
Brushing aside concerns expressed by tax experts over the new disclosure norms, Adhia said this will mainly apply to those who were required to file wealth tax returns.
The Revenue department on March 30 notified the new Income Tax Return (ITR) forms assessment year 2016-17 requiring persons having income of over Rs 50 lakh to disclose assets like cash in hand, jewellery, bullion, yacht, vehicles, aircraft and immovable property like land and building.
"99.5 per cent taxpayers are not affected by this requirement. Only the ultra rich will have to give this information in their I-T Returns," he said.
According to sources, the decision to incorporate this new schedule in ITR follows the announcement made by Finance MinisterArun Jaitley in 2015-16 Budget in which he had abolished Wealth Tax.
"To track the wealth held by individuals and entities, the information regarding the assets which are currently required to be furnished in wealth tax return will be captured in the Income Tax returns. This will ensure that the abolition of wealth tax does not lead to escape of any income from the tax net," Jaitley had said.
Sources said the provision for declaring assets was already there in ITR 2 and ITR 3, required to be filed by persons having income from business or profession.
The income limit for disclosing of assets in ITR 2 and 3 have been increased from Rs 25 lakh to Rs 50 lakh.