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CA shanky pahoja (accountant) (615 Points)

26 January 2017

what kind of liability should be reported in schedule AL of ITR

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177227 Points)
Replied 26 January 2017

""" B. Liability in relation to Assets at A* """

Means all the amount of loans/liabilities borrowed to purchase the assets as declared in section A.

(According to the ITD, only 1.5 lakhs ultra-rich individuals whose total income would be above Rs. 50 lakhs are required to fill this schedule in ITR Form )

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CA shanky pahoja (accountant) (615 Points)
Replied 26 January 2017

Thankyu sir for your answerr

I am assuming that only those liabilties are required to be disclosed that are related to those assets that have been either hypothiticated or pledged to obtain such loan and unsecured loans are not required to be disclosed even if taken to obtain such assets that have been disclosed in scheduleAL

Please correct me if I am wrong.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177227 Points)
Replied 26 January 2017

Schedule AL: means declaring ASSETS as well as LIABILITIES. It means any liability (balance as on 31st March) for procuring the Assets/Investment as declared above, whether Secured or Unsecured loans. (Usually, any loans over these assets are always secured)