Understanding Schedule AL in Income Tax Returns: A Comprehensive Guide

Introduction to Schedule AL: Mandated disclosure of assets and liabilities. Ensures comprehensive financial reporting. Applicability of Schedule AL: Individuals and HUFs with annual income over INR 50 lakh. Filed with ITR-2 and ITR-3 forms.

Scenario Illustration: Case study of Sweksha. Clarifies when Schedule AL is applicable. Details Required in Schedule AL: Immovable and movable property. Additional requirements for ITR-3 filers. Disclosure of liabilities. Guidelines for Filing Schedule AL: Report assets at cost. Exclusion of personal items. Estimation of asset value if cost is unknown.

Reporting of Liabilities: Disclose all associated loans. Requirements for non-resident individuals.

By following these guidelines, taxpayers ensure accurate and compliant reporting of their assets and liabilities in Schedule AL of their income tax returns.