Income Over ₹1 Crore? 1 ITR Rule You Can't Miss

If your total income crossed ₹1 crore in FY2025-26, you must fill Schedule AL in your ITR — listing all assets and liabilities. Missing it can trigger a tax notice or defective return.

Here's what happened: Taxpayers with gross total income above ₹1 crore must compulsorily fill Schedule AL — Assets and Liabilities — in their ITR.. Schedule AL requires disclosing immovable property, financial assets like shares and FDs, jewellery, vehicles, and all outstanding loans.. Failing to fill Schedule AL or giving incomplete details can result in the return being marked defective or attracting scrutiny from the Income Tax Department..

What you should do: Check your gross total income for FY2025-26 — if it crosses ₹1 crore even by a rupee, Schedule AL is mandatory, no exceptions.. Gather documents for all assets: property registration papers, bank statements, demat holdings, vehicle RC, and jewellery purchase receipts before filing.. Use a CA or a trusted tax filing platform to fill Schedule AL accurately — errors here are a common trigger for IT department scrutiny notices..

Pro tip: Schedule AL captures asset values as on March 31 — not purchase price. Use current market value for financial assets and cost price for immovable property to stay compliant.