The income-tax return (ITR) forms to be used this year are similar to what were used last year. But of the few changes that have come about, an important one is the introduction of two new sections—Schedule AL and Schedule PTI.
Schedule AL
The ‘AL’ stand for assets and liabilities. This Schedule has been added to all ITR forms applicable to individuals and Hindu Undivided Families (HUFs). An assessee whose income was more than Rs.50 lakh during the previous financial year, after combining all sources—income from salary, business and profession, house property, capital gains and others—needs to fill in details under this section.
