Press Information Bureau
Government of India
Ministry of Finance
Declaration of Assets & Liabilities in the new ITR forms

Central Board of Direct Taxes (CBDT) have released new income-tax return formswith mandatory provisions of declaring Assets & Liabilities (A&L) such as cars, jewellery yacht, aircrafts, shares, properties, etc. Prior to Assessment Year (A.Y.) 2015-16, the Asset –Liability Schedule (AL schedule) was applicable to filers of ITR 3 and 4, whose total income for the previous year exceeded Rs.25 lakh. The Wealth-tax Act primarily captured the information regarding assets of specified taxpayers. With a view to reduce compliance burden, the Wealth-tax Act was made inapplicable from A.Y.2016-17 with the stipulation that the information regarding assets forming part of the wealth-tax return will be captured in the Income-tax returns. Accordingly, the ITR forms for A.Y. 2016-17 have been rationalised by making the Schedule AL applicable to individuals and Hindu undivided family (HUFs) whose total income for the previous year 2015-16 exceeds Rs.50 lakh. The objective of AL schedule is to capture details of assets and liabilities and not the net worth.

This was stated by Shri Jayant Sinha, Minister of State in the Ministry of Finance in written reply to a question in Rajya Sabha today.

Posted Under

Category : Income Tax (20862)
Type : Featured (3634) News (11057)
Tags : Income Tax Return (336) ITR (501) Wealth Tax (92)
  • vinod

    what is total income – taxable income or gross total income
    i want to clarify Defination of Total income

  • vinod

    This is for AL to be shown in return Total Income exceeds 50 Lacs

  • bhupi

    My salary income is much lesser than 50 Lakhs per annum.

    I understand that it is not mandatory to file ITR2 or ITR2a (or
    equivalent), however, is there any benefit if I declare my assets.

    I have purchased house in past & have records of payments done via my bank account(s).

    Will it be helpful in any manner to mention this asset in ITR, in view
    if I need to sell it in future or IT department already has this info
    from my bank transactions?

  • Dropify

    How is the asset value in case of a jointly owned house calculated. I have a house jointly owned by myself and my wife.