Hello,
Due to sale of property the taxable income has gone beyond 50L.
Normally the taxable income is around 15 to 20 L.
Is it mandatory to fill schedule AL in itr 3.
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ITR 3, Schedule AL
Replies (5)
Yes it is as your income exceeds 50 Lakhs
Thank you, Sir.
Be careful while filling out Schedule AL. Draw a Balance Sheet as on 31.03.2024 ( Statement of Affairs as of 31.03.2024) considering all assets and liabilities. Drawing the balance sheet for the first time is a bit difficult job. Any asset owned jointly should also be included considering his share in that joint property.
Declared without creating balance sheet. What kind of issues will it create?
If at any time some assets are discovered whcih are not there in the Sch AL then the ITD may presume them to be assets acquired out of undisclosed income and may proceed accordingly if you can explain it satisfactorily then nothing will happen but otherwise, it may result in tax, interest and penalty and even prosecution.
You still have time to draw a complete balance sheet and revise the ITR and fill up Sch AL properly
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