Schedule AL entries

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This discussion clarifies how to complete Schedule AL for tax filings. It addresses the subdivision of gold jewellery between spouses, specifying that personal purchases and gifts received should be declared. For bank balances and cash on hand, the relevant date for reporting is 31 March. Regarding insurance policies, the total payments made up to 31 March should be entered, not just the sum assured or principal amounts for annuity schemes.

Proloy Samaradivakera

Proloy Samaradivakera (Querist)

05 July 2022 1) For entering details in Sch AL - under sub heading Gold Jewellery - how do you sub-divide between your wife and your self. My wife files tax separately. She has inherited jewellery from her mother and mother-in-law , I have bought some Gold Jewellery for her over the years and she has received some as wedding gift. I have bought jewellery as gift for others - like my daughter and relatives on wedding occasions in the past year. What do I show in my tax filing under this sub-heading heading under Sch AL?

2) In Sch AL : Bank Balances and Cash at Hand - are these to be shown as of 31-March balances ?

Manish

Manish (Expert)

05 July 2022 1. Your jewelries are what you purchased for self and gifts received (including inherited).
2. Yes, those are balances of 31 Mar.

Proloy Samaradivakera

Proloy Samaradivakera (Querist)

07 July 2022 In Schedule AL under the sub-head 'Insurance Policies' - what is to be entered?
Sum Assured values of policies ? In case of Annuity Schemes (like LICI Jeevan Akshay) - do we add the principal amounts?

Manish

Manish (Expert)

07 July 2022 Only costs are mentioned.
Enter total payments until 31-Mar

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