Opening Capital
This query is : Open
15 March 2010
Hi to all,
Example:
From past 3 years i am earning salary of Rs 75000/- p.a. So i have not filed any ITR for these years. Now i am recieving a salary of Rs 100,000/- p.a. and income from other sources of Rs. 80,000/- p.a. Hense i ahve to file ITR for this year. My annual expenditure (personal) is Rs 40,000/-. Can i show my opening capital of Rs 105,000/- in my ITR for this year? Will there be any tax liability on such capital?
Plz Suggest
Regards
Example:
From past 3 years i am earning salary of Rs 75000/- p.a. So i have not filed any ITR for these years. Now i am recieving a salary of Rs 100,000/- p.a. and income from other sources of Rs. 80,000/- p.a. Hense i ahve to file ITR for this year. My annual expenditure (personal) is Rs 40,000/-. Can i show my opening capital of Rs 105,000/- in my ITR for this year? Will there be any tax liability on such capital?
Plz Suggest
Regards
15 March 2010
No. There would be no tax on opening capital. However, interest on investments would be taxable.
15 March 2010
Thanks
15 March 2010
Thanks
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