Ppf balance not shown in balance sheet
This query is : Resolved
13 August 2017
Dear Sir,
An Assesse who is a professional has filed ITR 3 for A.Y. 2017-18. In the Balance Sheet (Asset Side) under investments head he has shown Interest on PPF and Deposit in PPF Account during the year but he has not shown the PPF Balance as per last yr. He is not doing Tax Audit as his Professional Income is below Tax Audit Limit so he is not uploading the Balance Sheet in IT Portal and in the ITR 3 he is giving the total investment amount in Balance Sheet page but in his own Balance Sheet for his record it is not shown.
Please suggest whether it would be of any problem in the future.
Thanks,
Abhishek.
An Assesse who is a professional has filed ITR 3 for A.Y. 2017-18. In the Balance Sheet (Asset Side) under investments head he has shown Interest on PPF and Deposit in PPF Account during the year but he has not shown the PPF Balance as per last yr. He is not doing Tax Audit as his Professional Income is below Tax Audit Limit so he is not uploading the Balance Sheet in IT Portal and in the ITR 3 he is giving the total investment amount in Balance Sheet page but in his own Balance Sheet for his record it is not shown.
Please suggest whether it would be of any problem in the future.
Thanks,
Abhishek.
13 August 2017
You will not face any problem as disclosure of assets is compulsory for those earning Income of 50 Lacs and above.
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13 August 2017
Dear Sir,
I want to know that as he has not shown the PPF Balance as per last yr in the Balance Sheet. Suppose the file is taken for scrutiny after certain years then the ITO will ask for books of accounts i.e. P/L & Balance Sheet and then when the ITO will see that he has not shown the PPF Balance as per last yr then whether there would be of any problem.
Thanks,
Abhishek.
I want to know that as he has not shown the PPF Balance as per last yr in the Balance Sheet. Suppose the file is taken for scrutiny after certain years then the ITO will ask for books of accounts i.e. P/L & Balance Sheet and then when the ITO will see that he has not shown the PPF Balance as per last yr then whether there would be of any problem.
Thanks,
Abhishek.
13 August 2017
PPF is invested in known source of income so no problems will arise in future.
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13 August 2017
Dear Sir,
Thanks s lot for your reply
Thanks s lot for your reply
13 August 2017
Dear Sir,
One last query is that the Assessee is not showing the full PPF Balance as per his PPF Pass Book in Balance Sheet. So whether this would create any harassment in future.
Thanks,
Abhishek.
One last query is that the Assessee is not showing the full PPF Balance as per his PPF Pass Book in Balance Sheet. So whether this would create any harassment in future.
Thanks,
Abhishek.
14 August 2017
Dear Sir,
Please reply. l will not disturb you any more in this matter
Please reply. l will not disturb you any more in this matter
14 August 2017
No harassment in future.
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