How can data be entered for Schedule Asset and Liabilities Schedule AL

How can data be entered for Schedule Asset and Liabilities (Schedule AL)?

What is Schedule Asset and Liabilities and when it is applicable?

The Income Tax Department introduced Schedule AL from A.Y. 2016-17, which pertains to Asset and Liability (Schedule AL) in ITRs. This section is applicable when the total income exceeds Rs 50 lakhs. This article provides information on Schedule AL or Asset and Liability in the ITR.

For individuals, Schedule AL is available in forms such as ITR-2 and ITR-3.

Where to enter Schedule AL in the Income Tax Software?
  1. Go into Transactions → General Information /BS/P&L → Schedule AL
            
  1. Click on the given tab to enter the data.
            

Note: ITR-1 can not be filed in the case where the total income exceeds Rs 50 lakhs. Hence ITR-2 and ITR-3 will be applicable.

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