Schedule AL limit is increased from 50 lakh to 1 cr - is this applicable from FY 2024-25 or FY 2025-26? And is it applicable to both old and new tax regime?
Thanks in advance
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Schedule AL limit for FY 2024-25
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The Schedule AL limit has been increased from ₹50 lakh to ₹1 crore starting from FY 2024-25 (which corresponds to AY 2025-26). This means that returns filed in AY 2025-26, only those with a total income exceeding ₹1 crore must fill Schedule AL. This new disclosure threshold applies to both old and new tax regimes.
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