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Government of India
Ministry of Finance
10-May-2016
Government of India
Ministry of Finance
10-May-2016
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.
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should we take depriciated value of assets or at cost??
Hello,
I am Ram, a NRI. I have some properties in India and overall income in india(including from the properties) are less than 1 Lakh/annum. I have not shown my properties in my previous year ITRs.Should i need to show the properities? If i show in this year?will i be questioned for not showing in previous years?
The proerties were bought in 2010,2015 & 2016..But not shown in previous ITRs.
Kindly advice..
How is the asset value in case of a jointly owned house calculated. I have a house jointly owned by myself and my wife.
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?
This is for AL to be shown in return Total Income exceeds 50 Lacs
what is total income – taxable income or gross total income
i want to clarify Defination of Total income