28 October 2023
yes, i change my view. All assets to be given and even liabities to be given. i didnt see liabilities in al schedule, so was asking only debit balance to be given or all? anyways, its solved. thank u sir.
AL SCHEDULE ASKS DETAILS OF LOANS /ADVANCES TO OTHER CONCERNS. DOES THIS MEAN PARTIES WITH ONLY DEBIT BALANCE (ASSET SIDE) AT YEAR END NEEDS TO BE REPORTED?
MY VIEW--> WE HAVE TO GIVE PAN, NAMES ETC OF ALL MONEYS BORROWED AND ADVANCED OUT , IRRESPECTIVE IF IT IS DEBIT BALANCE OR CREDIT BALANCE AT YEAR END.
28 October 2023
You are not right. Schedule AL is a part of ITR, which requires disclosure of all assets and liabilities held by a taxpayer at the end of every financial year. The assets under this schedule include immovable property, movable property, and other financial assets held by the assessee.
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