TaxTMI 
TaxTMI 
TaxTMI 
Declaration of Assets & Liabilities in the new ITR forms
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....eclaration of Assets & Liabilities in the new ITR forms <br>News and Press Release<br>Dated:- 11-5-2016<br><BR>Press Information Bureau Government of India Ministry of Finance 10-May-2016 17:37 IST....
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.... 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, prop....
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....erties, 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 ₹ 25 ....
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....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 ....
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....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 ratio....
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....nalised by making the Schedule AL applicable to individuals and Hindu undivided family (HUFs) whose total income for the previous year 2015-16 exceeds ₹ 50 lakh. The objective of AL schedule is ....
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....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 to....
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....day. ***** DSM/KA<BR> News - Press release - PIB....