Schedule AL - Insurance Policies - Vehicle Insurance & Medical Insurance

Income Tax ITR Filing
1

Team,

Should Car Insurance & Medical Insurance also be shown in Schedule AL?
I understand that policies with a surrender value like LIC need to be shown.
But how about Car Insurance & Medical Insurance - these policies don’t payout any benefits and have no surrender value. Its just that incidental expenses get paid as and when they occur.

Thanks.

2

Also, should we be showing NPS & EPF? If so under what category in Schedule AL and what should be the cost basis?

3

Hi @Sam1,

No, car insurance and medical insurance need not be shown in Schedule AL, because they are not investments or assets.
Schedule AL is meant to declare assets and liabilities, like policies or investments that have a surrender or maturity value.

Hope this helps!

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4

Hi @Sam1,

NPS and EPF are not shown in Schedule AL because they are statutory funds regulated by the government, and not your personal assets or investments.

Thank you!

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