one of a female new I.t. Assess source of income mentioned below in f.y.19-20.
some amount from tution income
some amount from interest income
question:
Assess how much amount maximum and minimum capital introduced first I.t. return filed assess as per I.t. act.
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Captial introduced first time return filer
Replies (3)
I recently wrote an answer about start up capital and I remember it as nil. There is no need for capital and liability should be shown as assets.
I saw your question in the taxmanagementindia.com, it must be th amount of capital introduced
capital opening balance
- withdrawals/disbursements
+new capital introduced
=closing capital
so if you need new capital, data must be from the above
For income tax return I am saying only
you have to take every transaction of her in account and make her balance sheet as per the data it's better to do backward calculation and end at capital introduction.
you have to take every transaction of her in account and make her balance sheet as per the data it's better to do backward calculation and end at capital introduction.
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