Schedule AL - Things to consider to fill Assets and Liabilities schedule

[amitsaini]

I would like to discuss what are thing to consider while populating Schedule AL - Assets and Liabilities at the end of the year

Focussing initially only on some common area then with time will consider other part

Part B : "Details of movable assets"

Description	Amount (Cost in Rs.)
Jewellery, bullion etc.
Bank (including all deposits)
Shares and securities
Insurance policies
Loans and advances given
Cash in hand

All the Queries are in comment section below.

 

[amitsaini]

I have a doubt that how to map following things in schedule AL

1. PPF and what is the amount i need to populated in schedule ? Is it only contribution or (Contribution + Interest) as on 31st March of FY.
2. EPF and same as above
3. NPS and same as above i.e (Invested amount) or (Invested amount + Profit/loss)
4. Jewellery if it is gifted which is very usual in India. How to conclude the amount ?
5. Stocks and mutual funds and how same query, how to conclude amount ? Is it (invested amount) or (Invested amount + profit/loss) ?
6. What are insurance policies need to be considered e.g Term Insurance, Life insurance, Health insurance, Ulips etc. ?

It is very difficult to find answers to all these confusing things in this online world
I'll also recommend bekifaayati team to make video in a very layman terms so that everyone get the benefit of that video.

 

[Gigachad]

I would like to discuss what are thing to consider while populating Schedule AL - Assets and Liabilities at the end of the year

Focussing initially only on some common area then with time will consider other part

Part B : "Details of movable assets"

Description	Amount (Cost in Rs.)
Jewellery, bullion etc.
Bank (including all deposits)
Shares and securities
Insurance policies
Loans and advances given
Cash in hand

All the Queries are in comment section below.

Jewellery,bank,share, cash are asset..
Loan are liability..
Insurance is asset saver in emergency time..

 

[amitsaini]

Jewellery,bank,share, cash are asset..
Loan are liability..
Insurance is asset saver in emergency time..

if you know could you also help to fill the amount (cost) which need to be populated in ITR.
For example: share
In this case you might have spend some amount and also must have some profit or loss.
So what should i fill in ITR "Amount(cost)" column.