only home loan balance amount is to be shown here or premiums for insurances for term vehicle taken too to be included?
only home loan balance amount is to be shown here or premiums for insurances for term vehicle taken too to be included?
Great question! Regarding Schedule AL – Liabilities in the ITR:
You should report only your actual financial liabilities outstanding as of the last day of the financial year (i.e., 31st March).
| Liability Type | Include in Schedule AL? | Notes |
|---|---|---|
| Home loan outstanding | ✅ Yes | Show the outstanding loan balance on 31st March. This is a liability. |
| Term insurance premiums | ❌ No | Premiums paid are not liabilities; term insurance has no surrender value or loan component. |
| Vehicle insurance premiums | ❌ No | These are expenses paid, not liabilities. No need to report. |
| Other loans (car loan, personal loan, etc.) | ✅ Yes | Include outstanding balances on these loans if any. |
| Credit card dues, other debts | ✅ Yes | Any unpaid financial liabilities as of 31st March should be reported. |
Only actual outstanding loan balances (like home loan, car loan, personal loans) as on 31 March should be reported under Schedule AL - Liabilities.
Insurance premiums paid (term or vehicle) are not liabilities, so they are not included.
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