The new Incometax Returns prescribed by the Incometax Department this year, provides for the compulsory disclosure of all assets and liabilities as on 31-03-2013 at cost.
The importants points to be noted in this connection are as below.
1. The value at which the assets are to be disclosed is at cost.
2. All the immovable assets like land, buildings, houses, farm house, flats, plots, etc are to be disclosed.
They should be disclosed at the cost for which they were bought and all the expenditure on improvements so for incurred.
The value of immovable properties inherited from the parents etc, should be shown at nil cost. Similar are the assets gifted by the relatives etc are to be shown at NIL cost.
3. Balances with all banks like Savings Bank, Current Account, RD account, Fixed Deposits, as on 31-03-2013 is to be disclosed.
4. The cost of all the shares held , and other securities like mutual funds, chits etc should be shown at cost as on 31-03-2013.
5. The Insurance Policies held by the assessees, should shown at cost as on 31-03-2013. That is the total of all premium paid till 31-03.2013.
6. The total amount of loans and advances given as 31-03-2013 is to be disclosed.
7. Cash on hand as on 31-03-2013.
8. Jewellery and bullion at cost as on 31-03.2013.
9. Cars, Vehicles etc as on 31-03.2013 at cost.
10. Liabilities like loan etc in relation to above assets as on 31-03-2013.
All these details are compulsory for persons showing more than Rs.25 lakhs as Total Taxable income. Hence small assessees need not furnish the above details.
However I would prefer to furnish all these details in the return of income for all assessee. This will help, if any raid or survey takes place in their cases, I will be able establish before the Incometax Department, that all assets owned by them are disclosed to the department and hence there is no undisclosed income.
May be ,this is a tedious work for the assessees and Chartered Accountants, to furnish all these details as they have collect the cost of all assets acquired over a period of time. But it will be easy from next year onwards. The reason is that we have to furnish the additional assets aquired during that year and additional liability incurred during that year only.
The importants points to be noted in this connection are as below.
1. The value at which the assets are to be disclosed is at cost.
2. All the immovable assets like land, buildings, houses, farm house, flats, plots, etc are to be disclosed.
They should be disclosed at the cost for which they were bought and all the expenditure on improvements so for incurred.
The value of immovable properties inherited from the parents etc, should be shown at nil cost. Similar are the assets gifted by the relatives etc are to be shown at NIL cost.
3. Balances with all banks like Savings Bank, Current Account, RD account, Fixed Deposits, as on 31-03-2013 is to be disclosed.
4. The cost of all the shares held , and other securities like mutual funds, chits etc should be shown at cost as on 31-03-2013.
5. The Insurance Policies held by the assessees, should shown at cost as on 31-03-2013. That is the total of all premium paid till 31-03.2013.
6. The total amount of loans and advances given as 31-03-2013 is to be disclosed.
7. Cash on hand as on 31-03-2013.
8. Jewellery and bullion at cost as on 31-03.2013.
9. Cars, Vehicles etc as on 31-03.2013 at cost.
10. Liabilities like loan etc in relation to above assets as on 31-03-2013.
All these details are compulsory for persons showing more than Rs.25 lakhs as Total Taxable income. Hence small assessees need not furnish the above details.
However I would prefer to furnish all these details in the return of income for all assessee. This will help, if any raid or survey takes place in their cases, I will be able establish before the Incometax Department, that all assets owned by them are disclosed to the department and hence there is no undisclosed income.
May be ,this is a tedious work for the assessees and Chartered Accountants, to furnish all these details as they have collect the cost of all assets acquired over a period of time. But it will be easy from next year onwards. The reason is that we have to furnish the additional assets aquired during that year and additional liability incurred during that year only.
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