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Balance sheet for f&o trading
For the FY 2014-15, I had both salary income and F&O trading, so filed ITR4. Now income tax department send notice that it is defective and also later one notice of invalid return. Error Code 32 Tax Payer has claimed loss under the head “Profits and gains of Business or Profession”; however, he has not filled Balance Sheet and Profit and Loss Account and has not got the books of account audited. Now I need to re-file. My question here is while preparing balance sheet should I consider all my assests and liability till date 31-Mar-2015 or should I consider all assets and liability till today that is 27-March-2017.
Replies (3)
Consider all assets and liabilities till 31.03.2015.
Thank you Studentsca.
I don't have all the invoices for all my assets like gold, car etc. But I do remember the approax amount. Can I prepare the balance sheet with approax amount or should I prepare the balance sheet with exact amount. There might a slight variation of Total Net amount like plus or minus approax 10 to 20 thousands. In short, what happens when you don't have Bills or Invoice with you and you need to prepare the Balance Sheet and you want to show all details.
It's ok if you have approximate and not exact figures.
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