Return and capital

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 October 2014 A proprietor has been filing itr 4 for the past 3 years . Now he has closed the business and taken up job and earned salary income.. so now he has to file itr 1...what will happen to the capital in his file? How to show business has been closed.. how to shift from itr4 to itr1?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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18 October 2014 just file ITR-1. nothing else is required to be done....

Querist : Anonymous

Querist : Anonymous (Querist)

18 October 2014 but whatever capital he has accumulated will continue to be in his file or not?

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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19 October 2014 what u mean by file? is it any official document? once you stop the business, any surplus becomes part of the individual's personal capital which is not to be disclosed in ITR1