watch_later 01/04/21

Sir,

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.

1 Response | Latest response: 01/04/21 | Sort by Likes(thumb_up) Recent | Income-Tax Reply
watch_later 01/04/21

If you are showing income from business and profession, then show opening capital in the business.

Prepare 2 balance sheets, one personal and one for business.

Show business balance in ITR, personal balance sheet is only in case of scrutiny.

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