Schedule al

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thotasrinivas

thotasrinivas (Querist)
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11 February 2016 can explain about schedule AL . when required to show assets in schedule AL??

RAJESH KUMAR KHANDELWAL

RAJESH KUMAR KHANDELWAL (Expert)
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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

thotasrinivas

thotasrinivas (Querist)
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12 February 2016 if not shown personal assets in Schedule AL is there any problem from ITD??

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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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.

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### 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.

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### 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.

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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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