Selection of itr

ITR 194 views 9 replies

Dhrunil Bhatt

Chartered Accountant

232 Points Joined July 2014

Dear Experts,

One of the assessee individual has shops and residential houses (Total 5 in nos) all of which have been let out earning an income by way of rent on the same.

The other source of income is interest on investment made in MIS Scheme, saving bank account and fixed deposit.

He was also in employment in a government hospital for around 5 months from where he earned income by way of salary.

Can any one please suggest which ITR Form should be filed by the assesse for the AY 2017-18?

Note that there are major changes in the ITR Form numbers in the relevant assessement year. Kindly take that into consideration.

Thanking you in advance.

Thanks and Regards,

Dhrunil Bhatt

Replies (9)

Sumeet

537 Points Joined April 2012

ITR 2 would be applicable for AY 2017-18

Dhrunil Bhatt

Chartered Accountant

232 Points Joined July 2014

Dear Sumeet,

Thanks for your suggession. However, if the assessee wishes to prepare profit and loss account and balance sheet, then how should it be prepared considering the above income.

Kindly suggest.

Thanks and Regards,

Dhrunil Bhatt

Sumeet

537 Points Joined April 2012

I don't think Profit & Loss Account would be necessary in your case considering nature of income. However, you can make Balance Sheet and Reciept & Payment Account using basic Accounting Principles.