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About capital

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Tribhuvan Soni

43 Points Posted on 06 January 2021

my age is 27 and Me first time Nil.return file kr rha hu... i want to ask that in capital account ... maximum kinti capital show ke sakta hu.

Replies (4)

Quick Summary

This discussion addresses how much capital can be shown in a capital account when filing a nil return for the first time at age 27. The user needs to prepare a balance sheet and wants to know the maximum capital to declare. Guidance is provided on how profit, gifts from relatives, and previous financial activity contribute to the capital account, even with a nil return, by considering assets and liabilities.

ayusmita

Tax consultant

3466 Points Posted on 06 January 2021

Why you want to show capital account in nil return?

Tribhuvan Soni

43 Points Posted on 06 January 2021

Balance sheet banani hai.. usme dikhani h...

Rakesh Bandal

Self Employed and Agriculture

942 Points Posted on 06 January 2021

1. your profit amount will be added to capital Balance

2. any gift received from relative will be added to capital account

3. you can prepare balance sheet even if NIL return is filed

ayusmita

Tax consultant

3466 Points Posted on 07 January 2021

For nil return balance sheet
you have to consider every transaction or things that's what will be your assets and liabilities
after dividing them start backward calculation from assets side to end on capital account so that you have a rough figure to know how much capital you want to introduce then (consider your previous year income and expenses and transation as well as cash ) introduce your capital account