New Delhi, July 12 -- Taxpayers with a total income exceeding Rs.1 crore have to adhere to an additional compliance requirement while filing their income tax return (ITR). Besides reporting their income, they must also disclose their assets and liabilities under Schedule AL of the relevant ITR form.

This step is particularly important because incorrect or incomplete disclosures can attract notices from the income tax department.

"Schedule AL applies to Individuals and Hindu Undivided Families (HUFs) who are required to file this return and whose total income exceeds Rs. 1 crore in the financial year. This schedule mandates disclosure of details related to assets and liabilities held at the end of the year," the tax department says on it...