Thursday, September 16, 2021
HomeNewsDeclare Net Worth if Income more than Rs 50 Lakhs

Declare Net Worth if Income more than Rs 50 Lakhs

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.

 

Also Read:   Cheque books and passbooks for seven banks are invalid

al-itr-networth

Also Read:   Cheque books and passbooks for seven banks are invalid
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Also Read:   Cheque books and passbooks for seven banks are invalid

Most Popular

Recent Comments