Dear Experts,
One of the assessee indivual earned by way of salary and Saving bank interest income during AY 2016-17. So he filed ITR 1 for the same. In the mid of FY 2016-17, the employee retired from employment from the company, and started providing same professional service to the company as an external person.
Since the assessee now is earning income under the head Profit and Gain from Business and Profession, it has to file ITR 3.
My question is that, in order to file ITR 3, the assessee has to fill the Balance Sheet and Profit and Loss details for ITR 3. So how can the assessee prepare the same. How should the value of Vehicle which was earlier used for the personal purpose be determined to open up the balance sheet.
I would be grateful to you for your prompt reply.
Thanks and Regards,
Dhrunil Bhatt
CAclubindia
