02 August 2017
Hello all.
Need an advice. It's urgent and related to Return filing.
Last year I filed ITR IV of my client, who was working in a company and was running OLA Cab as side business.
I have filed his ITR IV return with salary and business income.
I have shown loss in his income and given him refund of 3300.
While doing his balance sheet I have not mentioned about the shares he was holding last year.
Now in this year when I will file his return I will show the shares he is holding and profit he made on it as short term and long term capital gain.
Last year he have not made any profit in selling shares, so there was no capital gain.
Now my question is, will there be any issue that last year I didn't mention the shares he was holding in the balance sheet.
2nd question is , this year I have to show his shares in balance sheet right .
And capital gains as well
02 August 2017
In his proprietary business, share investments held by him needn't be shown if unrelated to business. Balance sheet we show is that of the business and not that of the assessee's wealth. For example, we won't show his house property as fixed assets in balance sheet if the property is unrelated to the business he carries on.
02 August 2017
And the capital gains transactionthat has been made in the relevant previous year must be shown in the ITR. The shares investment needn't be shown in the balance sheet
CAclubindia
