The major change in ITR forms for Financial year 2012-13 is that now you have to provide your all personal assets details (other than involved in your business) and liabilities related to such assets .This details are required to be filled in ITR-3 as well as in ITR-4. However it is not required to filled in ITR-1 and ITR-2 .
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.
So basically ,if you fulfill two condition as given below ,then you have to fill all your personal Plus business assets /Liabilities details in Income Tax return.
1. First condition to fill all assets details in ITR forms in AY 2013-14 is that person (individual/HUF) is earning income under the Head of Business and profession.(person is required to fill ITR-3 or ITR-4)
2. Second condition is that total income is more than 25 lakh in ay 2013-14.
Second condition may provide relief for many but for Higher income group personal assets details is now must in Income tax return form ITR-3 and ITR-4.The basic intention of CBDT is here to get information about assets of HNI (High Net Worth Investors).
A new schedule AL(assets /liabilities) has been added in ITR-3 as welll as in ITR-4 .As per New schedule A/L following details is to be provided.
Particulars of Asset ,
1. Immovable Asset
2. Movable Asset
a. Financial Asset
i) Deposits in Bank (including balance in any account)
ii) Shares and securities
iii) Insurance policies
iv) Loans and Advances given
v) Cash in hand
b. Jewellery, bullion etc.
c. Archaeological collections, drawings, painting, sculpture or any work of art
d. Vehicles, yachts, boats and aircrafts
3. Liability in relation to Assets
What would happen if I do not disclose all my active bank account details while filing income tax return in India for 2014-2015 as per new ITR Forms?