Who should fill the details in Schedule AL? Is it mandatory for everyone?
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.
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The income tax website is not allowing to proceed with filling Schedule AL without filling in details about the immovable property. What should one do if schedule AL needs to be completed if one doesn’t possess immovable property?
Schedule AL has to be mandatorily filled up in case of tax payer’s income exceeds INR 50 lakhs for particular financial year.
For your doubt, you can read below article for more insights:
Hope, it helps!
Hi @Kaushal_Soni thanks a lot for your response, however, my question was more on the lines of :
What should one do if schedule AL needs to be completed if one doesn’t possess immovable property?
The website doesn’t let you go ahead with filling Schedule AL without furnishing details of immovable property. So if one doesn’t possess immovable property, the form doesn’t let you go through.
There is no such requirements to mandatory report in ITR immovable property even if tax payer doesn’t own in particular financial year.
Other assets such as financial assets viz. bank deposits, shares and securities, insurance policies, loans and advances given, cash in hand, movable assets viz. jewellery, bullion, vehicles should be disclosed in AL schedule.
Hope, it helps!