First IT Return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 March 2011 Hi

Can anyone tell me what are the formalities i have to do while filing my first IT Return.... I have heard that I have to attach some History Sheet... If Yes Kindly help me out on the same

Thanking You

Awaiting for a quick respnse from your side as march is very near.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

07 March 2011 History Sheet is required for History sheeters.
No document is required to be attached with the return nowadays.
You just fill up the return form and deposit the same with IT department or transmit electronically.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

07 March 2011 Thank You Sir

But should I have to mention it as first return and I have some transactions in the back as well , so should I have to disclose all that as opening Capital or just start afresh

Please Help

Upgrade to CAclubindia Pro. Subscribe Now!

BALASUBRAMANYA B N

BALASUBRAMANYA B N

(Expert)
Follow

07 March 2011 There will be no first r last return, just fill ITR and file it online...
No need to mention first r last.

Message likes : 1 times

G.Ramesh

G.Ramesh (Expert)
Follow

07 March 2011 Agreed with Mr.Paras and Balu

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

08 March 2011 You have to prepare a Statement of Affairs (Balance Sheet) as on the 1st day of the Previous year(or say as at the last date of the preceding financial year).
*
These will form your opening balance of the year for which you want to file the return
*
Now for the year, calculate income.
*
If you want to file balance sheet also, prepare that in the context of opening balances, which would be covering all your past '''''AFFAIRS''''.