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ITR - Schedule AL

Deepanshu Garg (Student) (273 Points)

16 July 2022

My Net Taxable income is more than Rs. 50 Lakhs for the A.Y. 2022-23. Now, I need to file ITR 2.
Now I got know that I have to file a certain Schedule AL, giving details of all my personal assets & liabilities.

My query is what if I use ITR 2 but submit return without filing schedule AL, what will be the penalty for it ?

Thanks & Regards

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4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177736 Points)
Replied 16 July 2022

Have you tried uploading the ITR without Schedule AL?

It will not get validated........

If at all it gets uploaded, there will be defective notice following.

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Deepanshu Garg (Student) (273 Points)
Replied 16 July 2022

@ Dhirajlal Rambhia
Sir, for last A.Y. 2021-22, I filed a return of a director in ITR 2 without schedule AL. It got submitted and also processed without any defect.

CA Raj Doshi (Practising CA) (8924 Points)
Replied 17 July 2022

If the net income is more than 50 lakhs, then Schedule AL is must. If you have still managed to upload earlier, then it means schedule AL disclosures have been reported at NIL values.

The return will be treated defective if you select schedule AL as not applicable.

Deepanshu Garg (Student) (273 Points)
Replied 17 July 2022

My clients income for the year is Rs. 58 lakhs out of this 17 lakhs are arrears. So current year salary is Rs. 41 lakhs. I am filing her return in ITR 2. Now, in this case is schedule AL necessary ?

The limit of Rs. 50 Lakhs has been crossed due to arrears. I have filed form 10E but is schedule AL necessary ?