03 September 2019
In table A & B of Schedule AL-1 of ITR-6, information has been asked for land and building etc. and its purpose for which it is used. In purpose list options has been given – own office, factory, ware house, godown, renting, leasing, Stock in trade. Now if a company had purchased the land to develop a hotel on the land but due to some reasons he is not able to develop the hotel and land is still lying in property plant and equipment. Now in this case what should be the purpose. Neither any office, factory, ware house, godwon has been made on this land nor this land is for renting, leasing or for re-sale purpose.
27 May 2020
Schedule AL-1 of ITR-6 (assets and liabilities): This schedule must be completed by unlisted companies to provide details of assets and liabilities as at the year-end. The FAQs clarify that the requirement does not apply to unlisted foreign companies. Where jewelry or motor vehicles are held as stock-in-trade, the purpose code “stock–in-trade” must be selected in table H (details of motor vehicle, aircraft, yacht or other mode of transport) and table I (details of jewelry, archaeological collections, drawings, paintings, sculptures, any work of art or bullion) and only the aggregate values provided. Foreign assets held during the FY reported in schedule FA also must be reported in schedule AL.
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