assess savings rs:2 lacs for year and his total accumulated capital is rs:20 lacs in last 10 years. question: assess then how to show this accumulated capital in it returns.
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Quick Summary
This discussion addresses how to accurately report accumulated capital on income tax returns. It clarifies that savings from multiple years cannot be declared in a single tax filing. Instead, each year's income tax return should reflect the corresponding year's savings and investments to maintain proper documentation.