Schedule AL- Detail of Assets and Liabilities

‘Schedule AL’ applies to Individuals and Hindu Undivided Families (HUFs) who are required to file this return and whose total income exceeds Rs. 1 crore in the financial year. This schedule mandates disclosure of details related to assets and liabilities held at the end of the year, aimed at ensuring greater financial transparency and preventing tax evasion.

In this Schedule, the assessee must report assets such as immovable property (land and buildings), movable assets (like vehicles, jewellery, archaeological collections, shares, and securities), cash in hand, and other valuable possessions. Additionally, the assessee must disclose liabilities in relation to these assets, such as loans taken for property or vehicle purchases.

This schedule applies to ITR-2 and ITR-3. In the case of ITR-6, companies are required to furnish details of their assets and liabilities through Schedule AL-1 and Schedule AL-2.