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Schedule al

incometaxquery (Software Engineer) (59 Points)

02 July 2017

Dear Sir

Schedule AL for 2017-18 is asking for a lot of details. One such detail is holdings in shares at cost price on 31st march. However, I also have to fill holding in foreign stock at cost price in Section D of Schedule FA. Now, do I have to put the same amount from Schedule FA again into Schedule AL along with Indian stock holdings at Cost price? Or do I just have to state indian holding in schedule AL and foreign in Schedule FA?

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7 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (180013 Points)
Replied 02 July 2017

Schedule AL is reproduce of your BS in nutshell.............

So, all the investments which you held as on the date is to be filled.......

i.e., aggregate of Indian and foreign stocks, in single figure .....

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incometaxquery (Software Engineer) (59 Points)
Replied 08 July 2017

Thanks Sir. What about PF, PPF, NPS, any long term bond in infra (like L&T 7 years)? Which if these are to be added and in which section? Not all are movable like nps is locked. If still considered movable, which head they will fall? Bank account?

Also, in insurance section, do we have to provide premium value paid during the year or insurance cover value?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (180013 Points)
Replied 08 July 2017

1. Though there is no specific row for such long term debt investments ....... so, best suitable is, it be to be included under Shares & securities......... and not under bank accounts.

2. For term insurance it will be nil, otherwise accumulated premiums paid from the beginning. Or balance value of the policy as per own accounts.

Yogesh Gupta (Taxpayer) (23 Points)
Replied 27 July 2019

I am little confused about where to show PF balances in "AL" schedule of ITR2 for the AY 2019-20. Should it be shown under "Shares and Debentures" or under "Insurance". The reason for showing under Insurance Group are as below:

While PF/ EPF can be treated as debt to the Government, unlike other normal debt instruments, the returns are not fixed. In PF/ EPF, you get interest in particular year based on rate announced by GoI/ EPFO. In this sense, the returns are more like Bonuse announced in term insurance LIC.

Further, purpose of PF contributions are mainly social securities, just like insurance instruments.

As I have to file this year's return within few days, please guide at the earliest.