IT Return - Include Old purchases in assets ?

[Siddharth R]

While filing for return (India), I would like to ask how appropriate it is to include purchases made 2-4 years back in assets column while filing.

Eample: Mobile purchase 3years back, Computer purchased 2 years back etc etc...

[DR.MARIAPPAN GOVINDARAJAN]

In my view it can be done.

AI Summary

Inclusion of prior purchases in asset disclosure is permissible for individual income tax returns under general practice. Inclusion of previously acquired movable items such as a mobile phone or computer in the assets column of an income tax return is permissible; taxpayers may list earlier acquisitions among current assets when completing return schedules, while valuation, retrospective adjustments, or mandatory thresholds are not addressed here.