Ppf balance not shown in balance sheet

This query is : Resolved

Abhishek Roy Choudhury (Querist)
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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.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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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Abhishek Roy Choudhury

Abhishek Roy Choudhury (Querist)
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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.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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13 August 2017 PPF is invested in known source of income so no problems will arise in future.

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Abhishek Roy Choudhury

Abhishek Roy Choudhury (Querist)
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13 August 2017 Dear Sir,
Thanks s lot for your reply

Abhishek Roy Choudhury

Abhishek Roy Choudhury (Querist)
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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.

Abhishek Roy Choudhury

Abhishek Roy Choudhury (Querist)
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14 August 2017 Dear Sir,
Please reply. l will not disturb you any more in this matter

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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14 August 2017 No harassment in future.

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