Schedule AL in the ITR enables a taxpayer to submit details of Assets and Liabilities in the ITR. The values of Assets and liabilities standing at the year end are required to be provided in schedule AL. This schedule broadly includes the details of Assets like house, shares, mutual fund values etc. and Liabilities like housing loan, personal loan etc.
Who should file details in Schedule AL?
Individuals and Hindu undivided families (HUF) having total income below Rs 50 lakh are not required to file schedule AL.
However, individuals and HUFs having an annual income exceeding Rs 50 lakh must mandatorily file Schedule AL.
All individuals and HUF having annual taxable income from salary more than Rs 50 lakhs have to choose ITR-2 and fill Schedule AL - Asset and liability.
For taxpayers filing ITR 3 (business income) along with providing details of assets and liabilities in the Balance sheet, They will also have to fill the details in Schedule AL in the provided format.
The Net income should be more than 50 lakh. This means, the income after deductions, exemptions should be more than 50 lakh. For example if a person has gross income of 51 lakhs. And after 80C deductions suppose the income is 49.50 lakh. Then, as the income is below 50 lakh, Schedule AL is not mandatory.
What are the details that are required to be provided in Schedule AL?
In Schedule AL following details are required:
Jewellery, bullion etc.
Archaeological collections, drawings, painting, sculpture or any work of art
Vehicles, yachts, boats and aircrafts
Financial assets:
Bank balances (including all deposits)
Shares and securities value
Insurance policies (at cost)
Loans and advances given
Cash in hand
PPF balance
Details of share in Partnership firm
Liabilities in relation to above assets such as Home Loan, Car Loan, Personal Loan etc.
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