New Delhi, Aug. 19 -- If your business income was more than Rs.1 crore in FY 2025-26, then you have an additional disclosure to make while filing your income tax return (ITR) before the August 31 deadline. Besides reporting your income, you must also disclose your assets and liabilities under Schedule AL of the relevant ITR form.

This mandate applies to individual taxpayers, as well as Hindu undivided families (HUFs) with income exceeding the above mentioned threshold. Adhering to this compliance requirement is particularly important because incorrect or incomplete disclosures can attract notices from the tax department.

"Schedule AL applies to Individuals and Hindu Undivided Families (HUFs) who are required to file this return and whos...