Schedule assets and liabilities income more than 25 lakhs

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srinivas.t (Querist)
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18 September 2013 For Assessment year 13-14, an assessees whose total income exceeds Rs. 25.00 lakhs, will have to furnish details of any property held by him and corresponding liability (other than those not disclosed in balance sheet filled in Part A of the return. assessee having total income less than 25 lakhs but profit share from firm is above 25 lakhs, in this case assessees produce schedule Assets and Liabilities or not....?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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19 September 2013 Total income mentioned therein is 'taxable income'. Since the taxable income is less than Rs. 25 lakhs schedule AL of ITR-3 need not be filled in.

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