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Disclosure of assets and liabilities when the employee salary exceeds 25 lakhs

Eswar Reddy S (CFO- at NHTF) (58270 Points)

06 January 2014

Hi All, As per the latest amendment ,assets and liabilities to be furnished while filing Income tax return when the salary exceeds 25 lakhs. In this case what is basis of furnishing fixed assets ? Cost or WDV

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Amrin (Chartered Accountant) (215 Points)
Replied 06 January 2014

The Business Assets already disclosed in balance sheet are not required to be disclosed in the Schedule AL.
The Cost of the Asset is to be disclosed and not its current market value.
The Assets to be disclosed does not include assets with personal affects such as wearing apparel, furniture, etc.
The corresponding liablities related to assets also needs to be disclosed.

Source : https://thecastreet.com/assets-disclosure-mandatory-in-income-tax-return