In the new set of ITR forms for FY 2015-2016 (AY 2016-2017), a new schedule AL is added (including in ITR 1).
As per the new schedule, if your total Income is above Rs 50 lakhs, you need to fill the section showing Assets and Liabilities.
You need to declare the cost of
- Immovable Asset – Land, Building
Movable Asset – Cash, Jewellery, Bullion, Vehicles etc
Liability in respect of above assets
The main challenge will arise in terms of valuation as taxpayers will find it difficult to value their assets themselves i.e. for jewellery, vechiles etc.