Many high-networth individuals (HNIs) have not been declaring all their assets to avoid paying wealth tax. That bliss is set to end soon, with the finance ministry planning to make it mandatory for individuals and Hindu undivided families (HUFs) to report assets and liabilities in income-tax (I-T) return forms.Senior officials in the ministry said this could be notified soon. "Last year, reporting of assets and liabilities was made mandatory for individuals with foreign assets. This year, it might be extended to Indian assets," said an official.The official added the intention was mainly to get information about those HNIs who had not been paying wealth tax. This year, wealth tax collections are likely to be Rs 866 crore - much less than the Budget estimate of Rs 1,244 crore. For 2013-14, the finance ministry has set a collection target of Rs 950 crore.

Source - http://www.business-standard.com