Wednesday, September 11, 2013

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 ALAsset 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
AParticulars of AssetAmount (Cost) (Rs.)
1Immovable Asset
a Land1a
2Movable Asset
a Financial Asset
i Deposits in Bank (including balance in any account)2ai
ii Shares and securities2aii
iii Insurance policies2aiii
ivLoans and Advances given2aiv
vCash in hand2av
bJewellery, bullion etc.2b
cArchaeological collections, drawings, painting, sculpture or any work of art2c
dVehicles, yachts, boats and aircrafts2d
BLiability in relation to Assets at AB

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