If you earn more than Rs 50 lakh a year, the I-T Department wants you to declare the break-up of your net worth. In the new set of ITR forms launched on 31st evening, the CBDT has added a new schedule — schedule AL to all ITR forms (including ITR 1).
Under this new section, individuals will have to declare all their assets and liabilities, as on end of financial year 2015-16. The section applies to all individuals and HUFs earning more than Rs 50 lakh a year.
Under the section assets have been classified under two categories — moveable and immovable. One will have to declare any land or building (includes house property) under immovable assets. Movable assets list includes cash in hand (money in your savings account), vehicles (including yacht, boats and aircraft), jewellery, bullion and other valuable metals. Liabilities will include any outstanding loans you have.