I bought shares worth Rs 1.25 lakh last year. Do I have to disclose that and other transactions?
Certain disclosures are mandatory while filing an income tax return. Among these are investments above a specified amount in bank deposits, mutual funds, shares and property in the financial year for which the return is being filed, 2007-08 in this case. The cut-off amount of investment from where disclosure should be made is: Rs 100,000 or more for shares, Rs 200,000 for credit card payments, up to Rs 10 lakh (Rs 1 million) for deposits in one bank during the year, Rs 200,000 for mutual funds, Rs 500,000 or more for bonds or debentures issued by a company, Rs 5 lakh or more for RBI bonds and Rs 30 lakh (Rs 3 million) or more for the purchase or from the sale of immovable property.
