Disclosure of current account which is never shown in itr.

Save Share

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 June 2017 I am an individual and running a properietory business. Up to year 2016, I was running a different business. From April 2016, I started a different business. But in previous business ITR-4 (Sugam), I show different code and different business name. But never disclose / show my CURRENT ACCOUNT and this current account is still running, but there is no transaction, due to non-operation of previous business. In previous years ITR, I disclose / show only SAVING A/c. Never shows my Current Account Number. My previous business's current A/c also have some FDRs in the name of Previous Business Name and these FDRs are also running with Previous Firm's name.
Now I will filed ITR 4-(SUGAM) for New BUsiness Name and New Business Code for the AY 2017-18. But I don't have any current A/c of New Business. My New business is completely running in cash, and all the cash which I received from my clients, are deposited my saving A/c. But I want to show / disclose my previous business's current A/c, become I have FDR's with Previous's business name, and they are also running with the old name.
Is there any problem to show Old Business's Current A/c Number, in AY 2017-18, Bcoz I never show in previous year's ITR previous BUsiness CUrrent A/c number, please advice.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

14 June 2017 No problem show the current ac in AY 2017-18 disclose the income earned on FDR(voluntary disclosure reduces the penalty). You can't deposit business cash in savings ac use your current ac.
Taxes payable based on your PAN combined of all business.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now