Home |Tax returns filing | An unlisted company is required to furnish details of assets and liabilities in the Schedule AL-1 of ITR-6, whether details of assets held as stock-in-trade of business are also required to be reported?

An unlisted company is required to furnish details of assets and liabilities in the Schedule AL-1 of ITR-6, whether details of assets held as stock-in-trade of business are also required to be reported?

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Reetu Reetu
Answered on February 10,2020

In case jewellery/motor vehicle etc. is held as stock-in-trade of business, the drop-down value "stock-in-trade" should be selected against the field "purpose for which used", while filling up details in the relevant table (table "I. or table "H.) . In such cases, only the aggregate values are required to be filled up, and the particular details of each asset held as stock-in-trade is not required to be reported.

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