Schedule AL 50 lakh or 1 crore?

CBDT Notification No. 41/2025 dated April 30, 2025. 

What’s Different? The obligation to report assets and liabilities in Schedule AL has been significantly loosened.

The Change: Taxpayers are now only required to complete Schedule AL if their total income surpasses ₹1 crore during the financial year.

Consequences: This change is a relief for many taxpayers filing ITR-3. Previously, this schedule was often necessary for those with total income exceeding ₹50 lakh. This update reduces compliance requirements for individuals and HUFs with business income below the elevated threshold.

ITR Form 3 notified for AY 2025-26: The notification amend the Income Tax Rules. FORM ITR- 5 (for Individuals and HUFs having Income from profits and gains of business or profession) has been replaced with a new form in Appendix-II of the existing rules. The key changes include a split in the Schedule- Capital Gain for gains before and after 23^rd July 2024. Capital loss on share buyback is now allowed if the corresponding dividend income is reported under “Income from Other Sources” for transactions post 1^st October 2024. The asset and liability reporting threshold has been increased to Rs 1 crore of total income. Additionally, Section 44BBC (specific to cruise business) has been incorporated, along with enhanced reporting requirements for deductions under Sections 80C and 10(13A), and a mandate to report the TDS section code in Schedule- TDS. (Income Tax Notification 41/2025 Dated 30/04/2025)

For ITR 2 is it 1cr too?

Yes.