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Income tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 February 2017 I have constructed a house with 40 lakhs in f.y 2011_12 Till now I haven't filed it returns now I want to file it returns for asst yr 2016_17 How can I disclose it in books of accounts plz suggest (age 48 years)
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Expert : Anonymous

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Expert : Anonymous (Expert)
10 February 2017 to provide correct solution i need to know your source of income whether salary or business
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Querist : Anonymous

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Querist : Anonymous (Querist)
11 February 2017 Business. Paddy commission income
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Expert : Anonymous

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Expert : Anonymous (Expert)
15 February 2017 you should get your books of accounts prepared by a qualified professional and include the cost of construction in books as an asset.
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Querist : Anonymous

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Querist : Anonymous (Querist)
17 February 2017 If the construction is shown in the books of accounts,Balance sheet,Capital account will be increased then is there any chances of call for information/scrutiny of R.O.I filed and reopen earlier years (If earlier years R.O.l filed) ? If yes, how to avoid it
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
19 October 2021 No just file return for your income, say itr 4S, when books are not required to be maintain. No demand for BS.
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