20 October 2008
hello friendz my quest.is we r going to file a return of an individual (general commision agent) earlier he was getting exemption of non maintainence of books of accounts as his income didnt exceed rs120000 but now his income has exceeded the limit so he has to maintain some books of accounts now my quest.is as he is making his balance sheet first time how to find out his opening capital ie.as on 01.04.2007 bcoz he is general commision agent it is not like that when he started his business etc.and there is also no assets last year bank balance is there only plz help urgent thankx
21 October 2008
Capital is equal to bank Balance , assests acquired out of income earned and reflected in the Income tax return filed,minus loan liability, current liabilities, if any
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