The major change in ITR forms for F.Y. 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 For 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.
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 ,
tax 'N' accounts people
Tarun Kumar Gupta
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