AL Schedule

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This discussion clarifies the mandatory filing of the AL Schedule for income tax. If your total income, including arrears paid in the current financial year, falls below 50 lakh, the AL Schedule is generally not required. However, if you choose to file it or a balance sheet, certain conditions apply. Assets already reported in AIS/TIS do not need to be re-declared in the AL Schedule.

sieaus

sieaus (Querist)
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22 July 2022 Is it mandatory to fill AL schedule if the total income is above 50 lakh including arrears but below 50 lakh if arrears considered if arrears are filled in 10E for 89(1) benefit.
Is it necessary to include assets which are already recorded in AIS/TIS.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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22 July 2022 1. If total income after considering the arrears is below 50 lakhs, Schedule AL is not mandatory.
2. Yes, if schedule AL or balance sheet is filed.

sieaus

sieaus (Querist)
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22 July 2022 Thanks. But I mean FY21-22 Income is X+Y > 50 lakh where X is for FY21-22 & Y is for Arrear, but paid in FY21-22 only. But only X is < 50 lakh. is it mandatory to file ITR 2 as well as AL. All is salary + bank SB & FD intt only and nothing else. And, if MF etc already included in AIS/TIS, then also is it required to show in AL.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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23 July 2022 Arrears are not current year income. So net income is below 50 lakhs. No need to file Schedule AL. File ITR 2 & declare sells of MF units if any.

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