Individuals and HUFs above 1 cr must disclose assets, liabilities
Heads up if you're running a business: if your business income was more than ₹1 crore in FY 2025-26 (file by August 31, 2026), you'll need to share details of all your assets and liabilities.
This rule applies to individuals and HUFs, and it's meant to keep things transparent and curb tax evasion.
Skipping or half-doing this part could get you flagged by the tax department.
Report assets, loans, ITR-6 AL-1 AL-2
You'll have to list stuff like land, buildings, vehicles, jewelry, shares, and cash in hand, basically anything valuable you own, plus any loans linked to these assets.
Non-residents and not ordinarily resident individuals having income above ₹1 crore only report what's in India.
If you've inherited or been gifted something big, there are extra rules on how to show its value.
And for companies using ITR-6, there are separate schedules (AL-1 and AL-2) for reporting; keeping records updated as of March 31, 2026, will make life much easier when it's time to file.