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Knowing about return

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Mohit (Querist)
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24 November 2017 I want to know that if i return my file 250000 and next year also return file 250000 then pls tell me that my capital would be 500000. And no taxable income which i return previously.

Ashiwini Ballodia

Ashiwini Ballodia (Expert)
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24 November 2017 Yes your capital will be 5 Lakhs provided you don't do any drawings

Mohit (Querist)
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24 November 2017 But sir i want to know that if my capital is 5 laks then what will be my taxable income if i earn 250000 then last two year income will be added or not

Ashiwini Ballodia

Ashiwini Ballodia (Expert)
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24 November 2017 You taxable income will be 250000 but no tax because you income is below basic exemption limit

Ashiwini Ballodia

Ashiwini Ballodia (Expert)
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24 November 2017 It is assumed that you are asking question for Individual

Mohit (Querist)
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24 November 2017 Thanks you sir for providing details

Ashiwini Ballodia

Ashiwini Ballodia (Expert)
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24 November 2017 Most Welcome Mohit Ji

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