Selection of itr

ITR 2 would be applicable for AY 2017-18

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

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.

Thanks a lot Sumit for your support.

Thanks and Regards,

Dhrunil Bhatt

You're Welcome Buddy

Dear Sumeet,

Can you please explain me the difference between ITR 2 and ITR 2A

Thanks and Regards,

Dhrunil Bhatt

For AY 2017-18 ITR 2, 2A and 3 are merged in one FORM ITR 2

Still, if for your acedemic interest u would like to know the differences that were there between ITR 2 & ITR 2A, refer following link:

https://www.bankbazaar.com/tax/difference-uses-of-itr1-itr2a-itr2.H T M L

Thanks once again for information.

Thanks and Regards,

Dhrunil Bhatt