Schedule Assets & Liabilities

Who should fill the details in Schedule AL? Is it mandatory for everyone?

Hi @Dixita

Not all the tax payers have to disclose their assets and liabilities. Only the individuals or HUFs having total income exceeding INR 50 lakh should fill in Schedule AL. Your total income is calculated by subtracting Chapter VI A deductions from Gross Total Income.

Hope this helps :slightly_smiling_face: