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What is Schedule AL?

Schedule AL is a statement of disclosure of assets and liabilities which the taxpayer shall disclose in the Income Tax Return (ITR). This was introduced from AY 2016-17. Where in the case of an assessee, there is a balance sheet the Schedule AL need not be filed if the applicable conditions as mentioned below are fulfilled, however, assets/liabilities not forming part of the balance sheet will have to be entered under Schedule AL.

Applicability of Schedule AL

An Individual and HUF having total income above Rs 50 Lakhs shall disclose in the ITR.

 If the total income is just Rs 50 Lakhs then schedule AL shall not be applicable.

What is Schedule Assets and Liabilities (Schedule AL)

Does the total income of Rs. 50,00,0000  and above taken after the deduction under Chapter VI?

The total income shall be calculated after the deduction under chapter VI.

(Gross income - deduction = Total income)

Scenario

Gross income

Deduction

Total

Is schedule AL Applicable ?

I

57,00,000

1,50,000

55,50,000

YES

II

55,50,000

1,70,000

53,80,000

YES

III

50,30,000

1,50,000

48,80,000

NO

 

What happens if the total income after deduction under chapter VI is RS. 50 lakhs?

If the total income is Rs. 50 lakhs after the deduction under chapter VI , then schedule AL is not Applicable.

For Example Mr A's total Income before deduction is Rs. 51,70,000. He qualifies for the maximum benefit of RS 1,50,000/- under 80 C and  Rs.20,000 under 80D, His total income after deduction is Rs 50,00,000. And therefore schedule AL shall not be applicable for Mr A.

What are the details to be disclosed?

  • Immovable Property like Land and Building
  • Movable Property like Jewellery,(including gold, silver, semi precious and precious stones), Bullion, Vehicles, boats, aircrafts, vessels, Cash in Hand and Bank. Except assets for personal use like wearing apparels, furniture used by taxpayer or his dependent.
  • Liabilities like Housing loan, Vehicle Loan, Personal loan.

What will be the valuation of the assets?

  • The Assets shall be valued at COST.
  • Sometimes the cost of the asset may be unknown due to inheritance of property or assets received as a gift in such scenarios the asset shall be valued at cost incurred to the previous owner.
  • If a property is inherited before 2001, then the Fair Market Value of the Property shall be the cost.

Is schedule AL applicable for a Non-resident?

Yes Schedule AL is applicable for a Non-resident whose total income exceeds Rs. 50,00,000 .

 

ITRs in which schedule AL is disclosed

For an individual,Schedule AL, is in the forms such as  ITR2, ITR3 and ITR4.

Format of Schedule AL

Format of Schedule AL

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Category Income Tax, Other Articles by - Poojitha Raam 



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