An unlisted company is required to furnish details of assets and liabilities in the Schedule AL-1 of ITR-6? Please clarify whether details of assets held as stock-in-trade of business are also required to be reported therein.
FAQs in respect of filling-up of the Income-tax return forms for Assessment Year 2022-23
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Asset reporting: aggregate values for stock-in-trade suffice in unlisted-company tax returns; itemwise particulars not required. Unlisted companies must report assets and liabilities in Schedule AL-1. If jewellery or motor vehicles are held as business stock, select "stock-in-trade" ... Summary
Asset reporting: aggregate values for stock-in-trade suffice in unlisted-company tax returns; itemwise particulars not required.
Unlisted companies must report assets and liabilities in Schedule AL-1. If jewellery or motor vehicles are held as business stock, select "stock-in-trade" for the purpose of use and provide only aggregate values in the relevant table(s); itemised particulars of each stock-in-trade asset need not be submitted.
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