ITR-4 :- if Total Income exceeds Rs. 25 Lakh.

Friends,  Income Tax Department has forced a new Schedule AL  in ITR-4  which is applicable w.e.f.  A.Y. 2013-14.   Format of schedule AL is given below.   In case any business having Total Income not Gross Total Income exceeds Rs. 25 Lakh, below information is mandatory.  Schedule AL is optional for those whose Total Income is Rs. 25 lakh or below. 

Schedule AL		Asset and Liability at the end of the year (other than those included in Part A – BS of the return of the Firm in which partner) (Applicable in a case where total income exceeds Rs. 25 lakh) In case total income exceeds 25lakh, AL Schedule is mandatory.The values in all the fields have to be zero or above. In case total income is Rs 25 lakh or below, the schedule AL is optional
DETAILS OF ASSET AND LIABILTY	A	Particulars of Asset						Amount (Cost) (Rs.)
		1	Immovable Asset
			a	Land				1a
			b	Building				1b
		2	Movable Asset
			a	Financial Asset
				i	Deposits in Bank (including balance in any account)			2ai
				ii	Shares and securities			2aii
				iii	Insurance policies			2aiii
				iv	Loans and Advances given			2aiv
				v	Cash in hand			2av
			b	Jewellery, bullion etc.				2b
			c	Archaeological collections, drawings, painting, sculpture or any work of art				2c
			d	Vehicles, yachts, boats and aircrafts				2d
		3		Total				3	0
	B	Liability in relation to Assets at A						B