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.
Thank you very much Rambhia ji
You are welcome.
Thanks for this info and clarification on AL schedure, Sir.
My pleasure.
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