Schedule AL - Does previous years income matter?

Income Tax
1

Suppose in FY 21-22, a person’s income was > 50L, and Schedule AL was populated in the returns.
In FY 22-23, income < 50L. Does this mean for FY 22-23 Schedule AL need not be filled?

i.e. Schedule AL depends only on the current Assessment Year income, and doesn’t matter if previously you had to fill Schedule AL?

2

Hey @bani2213

Its only applicable for a particular year if income > 50L. It does not depend on whether you had filled the schedule for returns of an earlier year.
This example makes it clear: https://learn.quicko.com/who-should-file-schedule-al-assets-and-liabilities-in-itr#2-what-if-total-income-of-taxpayer-is-exactly-inr-50-lakhs

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3

Hi @bani2213

No, the requirement to fill Schedule AL in a particular year does not depend on whether you filled it in earlier years. Schedule AL needs to be filled out for the current AY if the income for that year exceeds 50 lakh rupees, regardless of whether you filled it in previous years or not.

So, even if your income for FY 2021-22 was less than 50 lakh, you still need to fill out Schedule AL if your income for FY 2022-23 exceeds the amount of 50 lakhs.

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