|
- Who should File Schedule AL in ITR? - ClearTax
However, individuals and HUFs having an annual income exceeding Rs 50 lakh must mandatorily file Schedule AL Also, individuals and HUFs carrying on any business or profession are required to file details of assets and liabilities through a Balance Sheet
- Declaration of Assets Liabilities in ITR - Tax2win
If your total income in a previous year exceeds Rs 50 lacs then you are compulsorily required to file Schedule AL One interesting thing to note here is that, this schedule is available in 3 different ITR forms
- Income Tax Compliance If Earning Exceeds INR 50 Lakhs
Tax Compliance When Professional Income Exceeding INR 50 lakhs Mentioned below are the compliances that are required to opt when the professional receipts exceed Rs 50 lakhs-Prepare Books of Accounts Including Balance Sheet and Profit Loss A c
- Reporting Assets and Liabilities for Income Exceeding Rs 50 Lakhs in ITR
As the deadline for filing ITR approaches, it is imperative for individuals with total income exceeding Rs 50 lakhs to diligently report their assets and liabilities This mandatory requirement ensures transparency and compliance with tax laws
- Asset and Liability in ITR, Schedule AL,for income above 50 lakhs
Yes, if your NRI exempt income (NRE – Fixed Deposits) is over Rs 50 lakhs, it is likely required to be reported in Schedule AL of ITR-2 under the heading “Other Income Reported in Schedule EI”
- Audit Criteria for Business Profession (Section 44AB) AY 2024-25
The requirement to declare a minimum of 50% of the gross receipts as income does not apply for gross receipts up to Rs 50 lakhs Note that from April 1, 2024, this limit increases to Rs 75 lakhs under certain conditions to be exempt from a tax audit under section 44AB(b)
- Guidelines to File Schedule AL Declaration in ITR| CA Rajput
The requirement to file Schedule AL depends on the ITR form applicable to the taxpayer and the income threshold Does the limit of ₹50 lakhs apply to gross income or net income? The limit applies to net income after all deductions Balance Sheet and Schedule AL for Business Profession Taxpayers
- ITR Filing Service For ₹50 Lacs+ [FY 2024-25] - ITR . . . - FirstFiling
If you are a salaried employee with an annual income of over INR 50 lakh, then you need to file a separate income tax return under ITR-2 Our team of Chartered Accountants is here to help you file your ITR-2 and get you the best tax benefits
|
|
|