Any individual or Hindu undivided family (HUF) with total income of more than Rs.50 lakh in a year has to adhere to the new disclosure clause.
All assets held by a tax payer and his corresponding liabilities have to be furnished in Schedule AL (Assets and Liabilities) of the income tax return. However, the business assets are already disclosed in this schedule. Only the assets which have not been disclosed in the Balance Sheet are required to be disclosed in this schedule.
The assets to be disclosed in the income tax return will not include any assets with personal effects.
- Wearing apparel, furniture held for personal use by the taxpayer or dependent any family member.
- Immovable Property- Cost of Land and Building owned.
- Movable Property- Cash in hand, cost of Jewellery, bullion, aircraft, vehicles, yachts, boats.
- Liability (loans) in relations to the above mentioned assets, investments.