Assets Details Mandatory in Income Tax Return for Assessment year 2013-14
After a long wait Income Tax Department had finally released Income Tax Return forms for Assessment Year 2013-14 (Download ITR for Financial Year 2012-13) few days back. There were few changes which you can find at Changes in ITR 2013-14.
One of the major changes implemented in new ITR forms is an addition of new schedule AL (asset/liability) in ITR-3 and in ITR-4. Earlier Schedule FA was added in ITR-2, ITR-3 and ITR-4 from the Assessment Year 2012-13 for those holding assets outside India and now Schedule AL has been added.
ITR -3 is required to be filled by Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship.
ITR-4 is required to be filled by individuals and HUFs having income from a proprietary business or profession.
But wait it’s not applicable for every Individual or HUFs, there are couple of conditions stipulated which needs to be fulfilled, which are given below:
1. Applicable only for Individuals/HUfs having income from Head of Business & Profession; and
2. Having total income more than Rs.25 lakhs in Assessment Year 2013-14.
So, if in case you satisfied both of the above conditions then you have to provide all your personal plus business Assets/Liabilities details in Income Tax return.
Details which are to be provided in