Mr A approached to file his income tax return for FY 2024-25 for the first time. His income includes Interest income, STCG, LTCG and Futures & options. When last year's ITR was checked, it was found that his personal assets, including flats and fixed deposits, were disclosed along with F&O-related data. Due to this, his capital became much bigger, in crores.
I understand that his business-related data only should have been disclosed instead of all his assets & liabilities. His business capital is just a few lakhs.
So, while filing his ITR for FY 2024-25, can his ITR be filed with business details only, removing personal assets from his entire balance sheet? He is also not maintaining all his personal data properly. So, his earlier crores of capital will be seen in lakhs of rupees only. Will this create any problems or any scrutiny?