Income tax return

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Tanvi Patel

Deputy Accounts Manager

95 Points Joined October 2016

Hello

Is there any implication if we have not disclosed some asset and liabilities of an assessee having income above Rs. 50lacs

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Guest

Any individual or Hindu undivided family (HUF) with total income of more than Rs.50 lakh in a year has to adhere to the new disclosure clause. According to the new norms, under Schedule AL, an assessee has to disclose the value of assets and liabilities that she owned as on 31 March 20XX, while filing ITR for assessment year 20XX-XX. The information that needs to be disclosed is similar to what one had to disclose earlier while filing wealth tax returns.