Income tax return

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CA Rajat Pachori (Querist)

19 February 2016 i have query about. if assessee had not filed income tax returns from last 10 year becoz his business turnover and taxable income below the basic exemption limit. the assessee want to file the income tax returns from A.Y. 2015-16. the problem is that asessee has some property (land) whichwas buy when his income is below the taxable income the property value was very low when assessee brought. the problem is that i want file return ITR 4, The ITR Required balance sheet details. is there any provision for this type of transaction in income tax act tge

Nikhil Kaushik

Nikhil Kaushik (Expert)

19 February 2016 so what is the issue. Prepare the balancesheet and show the assets at the cost. If the case is selected for assessment, let the assessee produce documents for the purchase of asset. His bank account statements should be able to provide source of surplus cash.

CA Rajat Pachori

CA Rajat Pachori (Querist)

19 February 2016 i am agree with Mr nikhi one more issue is the assessee have most of transaction in cash bcz he was running dairy business in rural area, 100% sales in cash. and not deposit cash in bank that time

Nikhil Kaushik

Nikhil Kaushik (Expert)

19 February 2016 well even if the transactions in cash, he still has to maintain records for the transactions. In any case, you need to ascertain his balancesheet position as at the start of the year and work from thereon to arrive at closing P&L and balancesheet

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