Filling Assets and Liabilities Detail in Income tax Return

[BHAWESH JAISWAL]

Sir,

One of My client is having Income from Business of Rs.20 Lacs and Exempted Long Term Capital Gain of Rs.15 Lacs. My query is whether his Assets and Liabilities details are required to be filled at the time of filing income tax return as the new income tax return requires details of assets and liabilities to be filled when total income exceeds Rs.25 Lacs or details will be required to be filled only when taxable income exceed Rs.25 Lacs.

[DHAMODHARAN KARTHIKEYAN]

if total income is rs.25 lacs and
above, the assets liabilities schedule
is mandatory.

total income after all deductions to be considered for ascertaining rs.25 lacs.

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[Ankit Agrawal]

Dear Bhawesh Jaiswal ji,

As per my view, here total income stands taxable income and if taxable income exceeds Rs 25 lakhs, then you need to file details of assets and liabilities. 

Thanking You

Regards,

CA Ankit Kumar Agrawal

M : +91 - 81000 11810

On Wed, Jan 22, 2014 at 7:06 PM, BHAWESH JAISWAL <jaiswa...@gmail.com> wrote:

Sir,

One of My client is having Income from Business of Rs.20 Lacs and Exempted Long Term Capital Gain of Rs.15 Lacs. My query is whether his Assets and Liabilities details are required to be filled at the time of filing income tax return as the new income tax return requires details of assets and liabilities to be filled when total income exceeds Rs.25 Lacs or details will be required to be filled only when taxable income exceed Rs.25 Lacs.

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-----------------

Thanking You

Regards, 

CA Ankit Kumar Agrawal

Mobile - +91 - 81000 11810

[DK]

Reply to the query:

Schedule of Asset and Liability is MANDATORY,

- in a case where Total Income exceeds Rs.25 Lacs.

Total Income

- From Gross Total Income, subtract, as per procedures prescribed by the law,

  “deductions” mentioned in Chapter VIA of the Income-tax Act. The result

   will be the total income. Besides, calculate agricultural income for rate purposes.

 

Schedule of Asset and Liability is OPTIONAL

- in a case, where Total Income is Rs.25 Lacs or below.

.........

On Friday, January 24, 2014 4:40:27 PM UTC+5:30, agrawal.ankit wrote:

Dear Bhawesh Jaiswal ji,

As per my view, here total income stands taxable income and if taxable income exceeds Rs 25 lakhs, then you need to file details of assets and liabilities. 

Thanking You

Regards,

CA Ankit Kumar Agrawal

M : +91 - 81000 11810

On Wed, Jan 22, 2014 at 7:06 PM, BHAWESH JAISWAL <jaiswa...@gmail.com> wrote:

Sir,

One of My client is having Income from Business of Rs.20 Lacs and Exempted Long Term Capital Gain of Rs.15 Lacs. My query is whether his Assets and Liabilities details are required to be filled at the time of filing income tax return as the new income tax return requires details of assets and liabilities to be filled when total income exceeds Rs.25 Lacs or details will be required to be filled only when taxable income exceed Rs.25 Lacs.

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forum4ca is a Google Group of eServe online for the benefit of CA and other professionals. It is especially meant for written discussion & circulate information within group members. The mail may contain such research/advice/opinion/information/fact provided by any member and are subject to the accuracy and of the description of facts.The forum4ca, do not claim that contains in mail/information obtained after reading as a complete and accurate disclosure of relevant facts. Further this Group’s Owner/Moderator/Member are not liable for any damages or costs suffered due to action/transaction based on information on this Group.
 
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