Schedule al
This query is : Resolved
11 February 2016
can explain about schedule AL . when required to show assets in schedule AL??
11 February 2016
It is required when
Tax Payer is earning Income from Proprietorship/Partnership business and total Income of the tax payer is more than Rs. 25.00 Lacs
Tax Payer is earning Income from Proprietorship/Partnership business and total Income of the tax payer is more than Rs. 25.00 Lacs
12 February 2016
if not shown personal assets in Schedule AL is there any problem from ITD??
23 July 2025
Schedule AL (Assets and Liabilities) is a disclosure form that taxpayers (individuals, HUFs, firms, etc.) need to fill along with their Income Tax Return **if their total income exceeds ₹25 lakhs** in a financial year.
### What is Schedule AL?
* It requires details of **assets** (like immovable property, vehicles, jewelry, shares, bank balances, etc.) owned by the taxpayer and their **liabilities** (like loans, borrowings, etc.) as on the last day of the financial year.
* It covers **both personal and business assets** if the total income exceeds ₹25 lakhs.
* It helps the Income Tax Department track wealth accumulation and identify any unexplained assets.
---
### When to show assets in Schedule AL?
* If your **total income for the year exceeds ₹25 lakhs** (including income from all sources).
* You have to disclose all assets (personal + business) and liabilities owned on the last date of the financial year.
* Assets must be reported at **cost price**, not market value.
---
### What if personal assets are **not shown** in Schedule AL?
* Not disclosing assets can invite **scrutiny** or questions from the Income Tax Department.
* It may be treated as **concealment of income** or providing **incomplete information**, leading to penalties or reassessment.
* It is always advisable to disclose correctly and completely to avoid issues.
---
If you want, I can share a detailed list of assets to be included and sample formats for filling Schedule AL. Would that help?
### What is Schedule AL?
* It requires details of **assets** (like immovable property, vehicles, jewelry, shares, bank balances, etc.) owned by the taxpayer and their **liabilities** (like loans, borrowings, etc.) as on the last day of the financial year.
* It covers **both personal and business assets** if the total income exceeds ₹25 lakhs.
* It helps the Income Tax Department track wealth accumulation and identify any unexplained assets.
---
### When to show assets in Schedule AL?
* If your **total income for the year exceeds ₹25 lakhs** (including income from all sources).
* You have to disclose all assets (personal + business) and liabilities owned on the last date of the financial year.
* Assets must be reported at **cost price**, not market value.
---
### What if personal assets are **not shown** in Schedule AL?
* Not disclosing assets can invite **scrutiny** or questions from the Income Tax Department.
* It may be treated as **concealment of income** or providing **incomplete information**, leading to penalties or reassessment.
* It is always advisable to disclose correctly and completely to avoid issues.
---
If you want, I can share a detailed list of assets to be included and sample formats for filling Schedule AL. Would that help?
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