AL Schedule & ITR-2

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If your FY21-22 income, including arrears, exceeds 50 lakh, you must file ITR-2. The Assets and Liabilities (AL) schedule is mandatory, even if your income without arrears is below this threshold. You need to report assets already listed in AIS-TIS, as arrears income cannot be excluded when calculating total receipts for filing purposes.

sieaus

sieaus (Querist)
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24 July 2022 If FY21-22 income is more than 50 lakh but it includes arrear amount also. Without arrear, income is below 50 lakh. Arrear amount is being shown in 10E for 89(1) benefits. Is it mandatory to fill AL schedule in ITR-2. All income is salary&Pension and bank interest income, no any other type of income. If AL to be filled, is it necessary to fill assets which are already recorded in AIS-TIS. ITR-1 is not taking because with arrear income is more than 50 lakh, so ITR-2 to be filled. My question is, this includes arrear amount. What to do?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 July 2022 Yes, it's mandatory to file ITR 2 with assets and liabilities schedule.
It is necessary to fill assets which are already recorded in AIS-TIS.
Arrears income can't be excluded only total receipts has to be considered.

sieaus

sieaus (Querist)
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24 July 2022 Thanks for the quick reply.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 July 2022 You are welcome.............

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