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How to show current a/c of closed business in itr

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Querist : Anonymous

Querist : Anonymous (Querist)

14 June 2017 i am an individual. I have a current
A/c in bank of books trading firm named Ideal book house, which I have never show in ITR. Now my books trading firm has been closed. But current A/c of above firm is still with bank, bank authority refused to close this A/c becoz some FDRs in the name of above firm is still runing in the nameof firm. I never show this a/c in ITR. only shows my saving a/c number. But I show above FDRs interest in ITR always. This firm and A/c is Prorietor nature. Now I runs other business with other name. plz guide what I will do of closed firm's current A/c. will I break old firm's FDRs and transfer it my saving A/c OR will continue it as regularly, plz guide. Is there is any problem to transfer FDRs in my saving A/c? Is it compulsory to show my previous current A/c in I TR of AY 2017-18?

Nikhil Kaushik

Nikhil Kaushik (Expert)

14 June 2017 since it is a proprietary business, it doesn't matter whether you have stopped the earlier business or not. All the accounts old or new, as long as they are not closed, need to be reported in your tax return compulsorily. Doesn't matter whether you break the old FD or not. Just keep including the interest in the taxable income.

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