Statement of assets and liabilities requirement prescribes disclosure of fixed assets, current assets, liabilities and net worth for tax compliance.

Form No.56C requires a yearwise statement of assets and liabilities listing fixed assets (gross block, depreciation, net value), current assets (investments, cash and bank balances, other specified items), current liabilities and provisions, and a computed net worth, plus a liabilities section for paid up capital and free reserves. Applicants must give full particulars of investments and state whether they satisfy the conditions in sub rule (5) of rule 2D or provide reasons, and the form must be signed with place and date.

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