Schedule AL was already a part of ITR3 and ITR4, but a few changes have been introduced. They have to give additional information of financial assets such as shares, mutual funds, and so on, in the Schedule AL. Schedule ALThe ‘AL’ stand for assets and liabilities. An assessee has to include details of any pass-through income from a business trust or an investment fund. Assessees who need to file their returns using ITR1, ITR2, or ITR2A need to disclose information of their assets and liabilities at the end of the relevant FY.

Source: Mint July 03, 2016 18:22 UTC