ITR - 6 Filing

[Ethirajan Parthasarathy]

Companies have to furnish details of “assets” including Jewellery, Painting etc., Unfortunately, it is not mentioned as “Fixed Assets”.

Assets naturally includes inventories also. Does it mean a Private Company having a Jewellery Shop has to furnish details of jewellery for the above requirement in ITR 6

[DR.MARIAPPAN GOVINDARAJAN]

In my view, the jewelly (main part of the business) will not come under the Fixed assets category. Other views are welcomed.

AI Summary

Asset disclosure: inventories held for trade, such as jewellery sold by a jeweller, are not fixed assets for income tax reporting. A question was raised whether jewellery held by a private company must be furnished as 'assets' in the income-tax return, given that 'assets' might include inventories. The commentator stated that jewellery constituting the main part of the business is trading inventory and would not be treated as fixed assets for the purpose of filing, inviting further views.