Last income tax return for the year of closing of business

CA Ashish Joshi (CA) (265 Points)

27 May 2016  

Hi all,

Its been my first encounter to the case where the assessee has closed his business during FY 2014-15 for which return for AY 2015-16 is to be filed.


After passing closing entry of taking all the assets & liabilities, the capital account gets settled.

So, whether the Balance Sheet will be blank ??? Only P&L a/c is to be entered in the ITR ???

Thanks for all the answers in advance !