People with an income of more than 50 lakh rupees per annum and owning costly movable assets will now have to disclose these assets, with the IT department notifying a new set of Income Tax Return (ITR) forms for assessment year 2016-17. <br/><br/>Filing for the new forms begins with the onset of the new financial year today.The Finance Ministry published a gazette order in this regard on March 30 and taxpayers can file their ITRs till the stipulated deadline of July 31.<br/><br/>The department has introduced a fresh reporting column in the new ITRs called 'Asset and Liability at the end of the year' which is applicable in cases where the total income exceeds Rs 50 lakhs. Individuals and entities coming under this income bracket will also have to mention the total cost of such assets.<br/><br/>Also for the first time, the ITRs, keeping in spirit the government's flagship agenda of promoting startup businesses has brought out a separate column for earnings made from this sector.