ITR-4 :- if Total Income exceeds Rs. 25 Lakh.
Friends, Income Tax Department has forced a new Schedule AL in ITR-4 which is applicable w.e.f. A.Y. 2013-14. Format of schedule AL is given below. In case any business having Total Income not Gross Total Income exceeds Rs. 25 Lakh, below information is mandatory. Schedule AL is optional for those whose Total Income is Rs. 25 lakh or below.
|Schedule AL||Asset and Liability at the end of the year (other than those included in Part A – BS of the return of the Firm in which partner) (Applicable in a case where total income exceeds Rs. 25 lakh) In case total income exceeds 25lakh, AL Schedule is mandatory.The values in all the fields have to be zero or above. In case total income is Rs 25 lakh or below, the schedule AL is optional|
DETAILS OF ASSET AND LIABILTY
|A||Particulars of Asset||Amount (Cost) (Rs.)|
|i||Deposits in Bank (including balance in any account)||2ai|
|ii||Shares and securities||2aii|
|iv||Loans and Advances given||2aiv|
|v||Cash in hand||2av|
|b||Jewellery, bullion etc.||2b|
|c||Archaeological collections, drawings, painting, sculpture or any work of art||2c|
|d||Vehicles, yachts, boats and aircrafts||2d|
|B||Liability in relation to Assets at A||B|