Personal assets required to be disclosed in new ITR forms for A.Y. 2013-14 if income exceeds Rs. 25 lakhs


An important change has been made in the new ITR forms launched for the assessment year 2013-14. Now a person having income above Rs. 25 lakh willl have to give information in the income tax return regarding his personal movable and immovable assets except those which are already disclosed in the balance sheet.


These details are required to be filed in ITR 3 and ITR 4 forms only and not in ITR 1 and ITR 2 or ITR 4S


A new column AL has been added in ITR 4 form which ask for the following details:

 Schedule AL Asset and Liability at the end of the year (other than those included in Part A – BS) (Applicable in a case where total income exceeds Rs. 25 lakh)
DETAILS OF ASSET AND LIABILITY
A Particulars of Asset Amount (Cost) (Rs.)
1 Immovable Asset
    a Land 
    b Building

 2 Movable Asset
   a) Financial Asset 

 i Bank (including all deposits)

 ii Shares and securities

 iii Insurance policies

 iv Loans and Advances given

 v Cash in hand

 b Jewellery, bullion etc.

 c Archaeological collections, drawings, painting, sculpture or any work of art

 d Vehicles, yachts, boats and aircrafts

 3 Total

 B Liability in relation to Assets at A  


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Posted by AMIT BAJAJ ADVOCATE at 10:06 AM

1 comments :

  • Unknown said...
    May 26, 2013, 8:36:00 PM

    Sir...
    IFS code has been made mandatory as per the new ITR-4s . As a citizen of J&K state our almost accounts are associated with J&K BANK the IFS code of all branches is for example JAKABSOOURA when we fill the same on the ITR.. it shows it as wrong and we are unable to upload our ITR. Pl. help in this regard

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