Hello. I have SIP and lump sum investments in mutual funds. The same are in profit but I have not yet realized them. Do I need to report them in ITR 4 as I am in business? Also, I have fixed deposits. Do I have to show only interest? Thanks in advance.
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Mutual funds purchase in itr
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show business related assets and liabilities. 5 items are mandatory
1. Investments are to be shown only if you have realized the profit on the same. In other words, only at the time of cashing income to be reported and tax on the same shall be paid.
2. With respect to interest on FD income, the same shall be shown on an accrual basis.
Please correct me if the above solution has an alternative view.
@ suresh, exactly correct..........
Thank you so much. As I am in business, will I also have to report the investments in my balance sheet as pointed by Mr. Pravin Kapadia?
| Thanks sir. If I show these as assets, will the interest on FD and profit on sale of mutual funds be shown as business income or I will still have to show in other sources? Originally posted by : Kapadia Pravin | ||
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show business related assets and liabilities. 5 items are mandatory |  |
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