This year the instructions relating to filling Schedule FA of ITR2 have changed. Specifically, the instruction relating to Other Assets (Part D) now reads as follows:
<QUOTE>The total investment in col(5) of part (D) has to be filled up as investment at cost held during the year after converting it into Indian currency. In part D, investments in the nature of investment and not in the nature of stock-in-trade or assets used for the purpose of business are required to be reported.<END QUOTE>
My question is how to interpret "held during the year". Should it be:
1. Openng Balance
2. Closing Balance
3. Peak Balance
I am assuming ofcourse that there are transactions in the account during the year. Otherwise, the three balances would be the same (since reported at cost).
Nash K
CAclubindia
