I am looking to submit schedule of Assets and Liabilities as my income exceeds the limit specified for this fiscal year for the first time and I have the following questions
- For insurance premiums, how should I declare? Should I declare the premium's paid until now?
- I have invested in deposits over the years and I have been paying tax on the interests received from the deposits always. But given that this is the first time submitting assets and liabilities schedule, deposit numbers may bloat up and may be more than the Time deposits purchased this year since earlier ones were multi year deposits. Was curious if there will be questions?. Should I be declaring the present balance from all these deposits as on Mar-31-2024 and not the original principal when they are multi year?
- For Gold, I did not buy a lot. Many of them were given to my wife by in-laws during marriage. Should I be showing all those gold as my assets or can be ignored since it was given to my wife and she should only show? I do not have exact details of year when I purchased Gold. If I declare the costs as on today, it will already be appreciated cost. What should I do?
CAclubindia
