my total income from salary & interest income is 53 lakhs. After deductions u/s 80c, 80ccd(1b) and 80ccd(2) is 46 lakhs. Shall I file schedule AL?
Ans: Hello Purna,
Based on the details you've provided, your total income after deductions is 46 lakhs which is under the limit of 50 lakhs. However, it's important to note that the requirement to file Schedule AL is based on your net income after all deductions under Chapter-VI-A.
Schedule AL is a part of the Income Tax Return (ITR) that requires the disclosure of all assets and liabilities held by a taxpayer at the end of every financial year. It is mandatory to fill this schedule if a taxpayer's net income exceeds 50 lakhs in a particular financial year.
In your case, since your net income after deductions is less than 50 lakhs, you are not required to file Schedule AL. However, if there are any changes in your income that increase it above this limit, you would then need to file Schedule AL.
I hope this helps!