My Salary Income exceeds 50 lakhs this year FY 2025-26, i have read somewhere that ITR 2 is applicable if income exceeds 50 lakhs is that correct or i can fill ITR 1 same like last year and do I also have to declare my assets and liabilities mandatorily in the ITR, i have seen that assets need to be disclosed if income exceeds 50 Lkahs
Bottom line: For FY 2025-26 you should file ITR-2, and you are not required to declare assets and liabilities (Schedule AL) unless your total income crosses â‚ą1 crore.
1. Which ITR form
ITR-1 (Sahaj) can be used only where total income is up to â‚ą50 lakh. Since your salary exceeds that limit, ITR-1 is not available to you. The correct form is ITR-2, assuming you have no income from business or profession.
2. Schedule AL (Assets & Liabilities)
The ₹50 lakh figure you have seen is the earlier position. From AY 2025-26, the threshold for mandatory disclosure under Schedule AL was raised from ₹50 lakh to ₹1 crore. So where total income is above ₹50 lakh but up to ₹1 crore, Schedule AL need not be filled — it becomes mandatory only once total income exceeds ₹1 crore.