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.

    • Related Articles

    • How to enter and calculate Term Liability in CMA Software

      How to enter and calculate Term Liability in CMA Software Insert all your liabilities in your balance sheet under the categories “short-term liabilities” If It is due in a year or less       or “long-term liabilities" If it is due in more than a year ...

    • Computation error regarding Depreciable Asset mismatch

      Computation error regarding  Depreciable Asset mismatch  Possible Resolution The capital gain shown in the  deprecation chart  is should be equivalent which has entered in the capital gains head (Depreciable Asset) Go into transaction → business and ...

    • Return Upload error regarding "In schedule EI"

      Return Upload error regarding "In schedule EI Sl.no 7 Should be equal to sum of individual fields of schedule" Possible Solution :-  This error is coming because dividend income is entered in the exception head.  From F.Y 2020-21, Section 10(34) has ...

    • Income Tax || Import capital gain data via Excel template

      Step 1: Navigate to the Transaction section and select "Capital Gain". Step 2: Choose the special Excel sheet made for Capital Gain from the options. Step 3: Fill in all the info about your capital gains into the Excel sheet. Step 4: Click the button ...

    • Guidance for Filing ITR-7 for Section 11 (Trust Registered u/s 12A/12AA)

      Guidance for Filing ITR-7 for Section 11 (Trust Registered u/s 12A/12AA) Charitable Institutions which are registered under section 12A/12AA   of the Act can claim exemptions under section 11 of the Act when conditions are become fulfilled. While ...