Notice u/s 142(1) - what is statement of affairs?

ITR 12781 views 2 replies

Anuj

Executive

26 Points Joined June 2010

Dear All,

I am salaried individual with no background in Finance. I know Finance only to the extent of managing my own finances and filing ITR on my own with guidance from esteemed experts like you.

After submitting innumerable documents and attending hearings for 6 months yielding nothing, I have now been asked to provide the foll:

1. Statement of affairs of AY 9-10, AY 10-11, AY 11-12

2. Details of household expenses

3. Computation of income of AY AY 9-10, AY 10-11, AY 11-12

While I can easily make #2 & #3, please guide me in layman terms what is "statement of affairs" & a template if any so that I can make the same please.

Anything I need to be careful about while answering Qns from the IT Officer?

My records are clean and all due tax has been paid timely.

Regards....

Replies (2)

Alok Kumar Ajadiwal

Financial Controller

34 Points Joined November 2012

hi anuj,

statement of affair is like a balancesheet for a person who dont prepare proper books of accounts.

it has descripttion of assets and liabilities of a person. it is generally prepared on a yearly basis. it has rough details of the assets and liabilities of any person.

Hi Alok, Thank you for the reply. Could you tell me examples of some items (just an indicative list) that will come under assets & liabilities for a salaried individual. Would a builder apartment (currently booking amount only paid under construction linked plan) be counted as an asset? Pl guide. Regards....