only home loan balance amount is to be shown here or premiums for insurances for term vehicle taken too to be included?
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Schedule AL -Liabilities
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Great question! Regarding Schedule AL – Liabilities in the ITR:
What to include in Schedule AL - Liabilities?
You should report only your actual financial liabilities outstanding as of the last day of the financial year (i.e., 31st March).
Specifically:
| 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. |
Summary:
-
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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