New Delhi, March 18 -- The government has clarified that there is no specific legal definition of High Net Worth Individuals (HNIs) under the Income-tax Act, 1961, with taxation of individuals based on income slabs regardless of the source of income.
Minister of State for Finance Pankaj Chaudhary said income tax provisions apply uniformly to all individuals, whether income is derived from salary, business or profession.
To enhance transparency in asset declarations, the government has mandated disclosure of movable and immovable assets in income tax returns for individuals with income above Rs 50 lakh, a threshold increased to Rs 1 crore from assessment year 2025 26.
Further, resident taxpayers are required to report foreign assets an...