Business income above ₹1 crore? You must make this disclosure in your ITR before August 31 deadline
Eshita Gain
Who can fill Schedule AL?
What needs to be reported in Schedule AL?
Immovable property: Land and buildings
Movable assets: Vehicles, jewellery, archaeological collections, shares, and securities.
Cash in hand: Cash held as on 31 March 2026.
Other valuable possessions: Anything that holds significant monetary value.
Loans taken for property
Loans taken for vehicle purchases
What you need to know before filing Schedule AL
A taxpayer must disclose their assets at cost. Additionally, any cost of improvement incurred on the asset can also be reported.
Non-residents and not ordinarily resident individuals having income above ₹1 crore need to provide details of their assets situated only in India.
If the asset is a gift, will, or any other mode in Section 49(1) and not covered by the above clause, then the cost of such an asset must be declared as per the cost provided by the previous owner plus the cost of any improvement incurred by the previous owner.
If the cost of such an asset is not known and no wealth tax return was filed for that asset, the value can be estimated at the circle rate or bullion rate as per the date of acquisition by the assessee.
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