ITR filing, July 13 -- The income tax department wants certain taxpayers to report various assets and liabilities to detect cases of disproportionate assets owned by a taxpayer compared to his known sources of income. The report can be divided into two parts: first, those taxpayers with incomes over 50 lakh rupees, and second, foreign assets owned by resident taxpayers.

Let us discuss the first requirement in detail. It applies to all individuals and HUFs, whether residents or non-residents.

a) To whom this requirement is applicable: It is not that every taxpayer has to report details of his assets and liabilities. Reporting the assets and liabilities is only relevant if your taxable income exceeds Rs.50 lakh for the year. So, the eligi...