On ITR12 do I fill in local assets/liabilities at cost?

What does local assets and local liabilities (at cost) mean

For assets, it means the price you paid when you purchased them. e.g. cost price of your car, house, etc
You would not factor in wear and tear or an increase in market value.

You would reflect liabilities at their current value (e.g. for a bond on a house, you would use latest balance per the loan statement).