Asset Liability ( AL Section ) in ITR2

ITR 1660 views 1 replies

Hello Sir,

I would like to understand, if i am filling AL sheet in ITR2 do i need to include ?

1. EPF Balance

2. Super Annuation Balance

3. National Pension Scheme Balance etc.

4. Public Provident Fund Balance etc

5. Insurance Policies 

If yes, how do i calculate the Cost of the these assets, every year interest gets added. It is not possible to find how much i have contributed 

Also Last year while filing ITR2, with advice from one consultant in our office, i entered Market value of assets in my AL schedule. If i change it to cost of asset this year , will there be an issue. 

Any suggestions ?

Thank you,

Best Regards, 

 

Replies (1)

Yes these are included in Schedule AL at cost. Passbook of EPF, NPS gives the principal balance and interest balance/profit balance separately. For convenience, you may entered it at FMV as this schedule is only for disclosure purpose and not to compute any tax value.


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