Past saving assets of non it return filer

Save Share

This query is : Resolved

monika (Querist)
Follow

14 January 2017 SIR AN INDIVISUAL ASESSE ( DATE OF BIRTH 25/07/1978)
HAVE NOT FILE INCOME TAX RETURN TILL NOW , BECAUSE HE HAVE NOT TAXABLE INCOME ACORDING INCOME TAX SLAB TILL NOW
BUT HE HAVE MAKE SOME ASSETS IN LAST 19 YEAR FROM HIS SAVING
NOW HE HOLD THESE ASSETS
BANK BALENCE = 425000
LAND PLOT = 150000
CASH IN HAND = 75000
LOAN AND ADVANCE = 425000
STOCK IN TRADE = 85000
-------------------------------------------------------------
TOTAL = 1160000
WILL IT DEPARTMENT CONCIDERD HIS ASSETS ?
BECAUSE HE HAVE EARNED THIS ASSETS IN LAST DEFERENT YEAR FROM HIS SAVING AND HIS INCOME WAS ALWAYS HAVE IN TAXFREE SLAB

Ruchi

Ruchi (Expert)
Follow

15 January 2017 Please tell what is the source of income of the individual and whether the balance sheet provided is of Business?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

15 January 2017 If a person regularly files his Return, it becomes easier to prove that the investment has been made from the savings and income has been earned in the different years. In your case, you have to submit the proof of data of income of different years and match the investment in assets by preparing Balance Sheets of the past years.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now