Record-keeping rules create hidden tax burden for individuals. Starting April 2026, new income-tax laws require salaried workers, investors, and retirees to maintain extensive documentation. Those earning over one crore rupees must disclose detailed asset records including shares, property, vehicles, and jewelry. Share investors face particular challenges tracking purchase costs and dates across multiple brokers for capital gains calculations. Property owners must preserve purchase deeds and expense receipts for decades to substantiate capital gains claims. While businesses have long complained about compliance costs, individual taxpayers now navigate equally complex requirements without legal obligation to maintain formal accounts. Portfolio managers switching and broker transitions compound the difficulty of extracting accurate historical data.
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