Assets Liabilities Statement For Income Tax Return

Statement of assets liabilities and expenses under section 80 1 of the income tax ordinance 1984 xxxvi of 1984 1.

Assets liabilities statement for income tax return. To complete online income tax return a person must complete the return of income form and wealth statement statement of assets liabilities form. Mention the amount of assets and liabilities that you have at the last date of the income year. Schedules to income tax return 3. Statement of assets and liabilities a.

Completing income tax return. Tax specialists in south africa. 24 october 2012 at 23 19 thank you i appreciate the help. Is it necessary to declare motor vehicles.

I understand it from an accounting point of view but on the itr12 it is listed under local assets and also included in the automatic calculation for total local assets if the net capital equals assets less liabilities then the value of all assets are counted. Income tax return 2. Declare that to the best of my knowledge beliefthe information given in this return statement ws 115 4 are correct complete in accordance with the provisions of the income tax ordinance 2001 income tax rules 2002 cooe data verification description net assets current year net assets previous year increase decrease in assets inflows. Return form i return of income ii return of income schedules ii.

I am still a little confused by the net capital item. This set of document comprises two parts. Cash in bank accounts and personal effects. To facilitate the taxpayers knowledge base portal provides step by step written and video guides on filing income tax return and wealth statement.

Return schedules statement of assets and liabilities the set of forms provided to you comprises three parts 1. This entry was posted in tax q a and tagged salary irp5 travel allowance. Statement of assets and liabilities a l individuals are required to fill the return schedules and statement of assets liabilities. Central board of direct taxes cbdt have released new income tax return formswith mandatory provisions of declaring assets liabilities a l such as cars jewellery yacht aircrafts shares properties etc.

Prior to assessment year a y 2015 16 the asset liability schedule al schedule was applicable to filers of itr 3 and 4 whose total income for the previous year exceeded rs 25 lakh. Statement of assets and liabilities a l an individual should fill the return form return of income and schedules and statement of assets liabilities. Statement of assets and liabilities i dont remember seeing the field for motor vehicles on previous tax returns. South african tax consultants.