Capital of an individual
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 June 2015
I am filling the income tax return within the exemption limit by showing around 2 lakh income in PY 2 years from business(bogus income) & Profession.
i had selected balance sheet not applicable while filling the income tax return,and did not fill any balance sheet item at the time of filling the return.
Now i want to prepare a balance sheet of myselfvfrom past 2 years.
How to.prepare the balance sheet of past two.years so that i can club the CY income and c/f the balance sheet by accumulating the CY income.
NOTE: There us no actual business activity taking place and no actual income is earned.I just want to increase my capital,so that i can purchase any asset in future.
i had selected balance sheet not applicable while filling the income tax return,and did not fill any balance sheet item at the time of filling the return.
Now i want to prepare a balance sheet of myselfvfrom past 2 years.
How to.prepare the balance sheet of past two.years so that i can club the CY income and c/f the balance sheet by accumulating the CY income.
NOTE: There us no actual business activity taking place and no actual income is earned.I just want to increase my capital,so that i can purchase any asset in future.
20 June 2015
well if your income is above Rs 1.2 lakhs, then balancesheet and profit & loss A/c is applicable.
So to that extent your filings are wrong.
prepare first year's balancesheet based on what you have shown in the ITR and then carry forward the surplus to next year.
So to that extent your filings are wrong.
prepare first year's balancesheet based on what you have shown in the ITR and then carry forward the surplus to next year.
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