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Why should i fill schedule al in itr4

ITR 351 views 1 replies

Dear All,

fy 2014-15         ay 2015-16

I have income from proprietory business 3 lac

Income from Long Term Capital Gain 34 Lac (on which tax has been paid in full).

ITR 4 is showing your income exceeds 25 Lakh and Schedule AL has to be filled. 

My query is why I need to fill Schedule AL when my income is one time on which tax is paid at special rate and not regular. What if i do not fill in Schedule AL

Thanks in advance

regards

puneet jain

Replies (1)

Schd 'AL' is to be filled because your income exceeds Rs. 25 lacs (Rs. 34 Lacs + 3 Lacs) during the year. It doesn't matter whether this is one time income or anything else but your income exceeds Rs. 25 Lacs during the year.

If you leave this schd unfilled, the return would not get validated and perhaps XML file will not be generated and if generated, it will show error while uploading your return.


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