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IT QUERY FOR CAPITAL AMOUNT SHOW IN IT RETURNS

kollipara sundaraiah (B.com) (2904 Points)

12 November 2021

Assess savings rs: 2 lacs for year and his total accumulated capital is rs:6 lacs in last 3 years.

Question:

Assess then how to show this accumulated capital in it returns.

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Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (3303 Points)
Replied 12 November 2021

You can follow this login in IT portal.

b) The path is: – e-file>Income Tax Return > File Income Tax Return. Select: AY 2021-22 (Current AY) > online. Start New filing > Individual> Select ITR Form > ITR 2> Let's Get Started. Tick on the reason for filing Tax.

CA Raj Doshi (Practising CA) (8735 Points)
Replied 14 November 2021

You cannot report the opening capital figures in the latest ITR. You can still go ahead and certify the Financials. The assessee may not have filed the ITR, but that does not undo his capital and income figures of earlier years.

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