Tax filing first time at age of 58 yrs

Money earned on daily basis is not going to bank and spent directly. For example, earning 2000 per month and spending same. How to show it in return as income?

Ask him to make an estimate of how much he earns per day/ week/month. ask him about his monthly home expenses budget. work out in the following way

Opening cash+ bank balances

Add:monthly stall income*12

Add: yearly interest, other income

Less: monthly stall expenses*12

Less: monthly household expenses*12

Less: yearly investments(PPF, LIC, FD etc)

Less: yearly extra spendings(eg medical, asset purchased)

= cash+ bank balances Closing balance

The method shown by Ms. Pandit will have to be followed to prepare P&L from cash inflow/outflow statements.

It needs to be seen whether he wants to go through this difficult exercise for the whole year just to file IT returns which, as you said, is not even taxable.

The purpose of IT filing is to stand with latest law and technology upgrade. Sooner or later everyone has to have bank account, PAN and clear record.

Question now is, is there any format or procedure to prepare P & L statement?