Schedule AL -Liabilities

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.