I hav one ITR - 3 Return whose Net Taxable Income is above 25 Lakhs.
I have already entered the balance Sheet.
Should i again enter Assets details in that new 'AL Schedule' which is applicable to ITR - 3?
2 Replies
(Guest)
As per the instructions, AL Schedule is to be filled giving details of any property held by the assessee and the corresponding liabilities, other than those included in the balance sheet filled in Part A – BS of the return. So, if you have already entered all the assets in BS, you should not enter it again.
Ms. Sia Raman
(Chartered Accountant- Working Professional)
(198 Points)
Replied 28 January 2014
This should be for F.Y.2012-13 (A.Y.2013-14) : -
Since it is clearly mentioned in the guidelines for filling Form ITR3, Schedule AL - Statement of Asset and Liability is mandatorily required incase the Income exceeds Rs.25 lacs.
In your case, it is mandatory to fill out Schedule AL.
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