Capital of an individual

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 June 2015 I am filling the income tax return within the exemption limit by showing around 2 lakh income in PY 2 years from business(bogus income) & Profession.

i had selected balance sheet not applicable while filling the income tax return,and did not fill any balance sheet item at the time of filling the return.

Now i want to prepare a balance sheet of myselfvfrom past 2 years.

How to.prepare the balance sheet of past two.years so that i can club the CY income and c/f the balance sheet by accumulating the CY income.

NOTE: There us no actual business activity taking place and no actual income is earned.I just want to increase my capital,so that i can purchase any asset in future.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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20 June 2015 well if your income is above Rs 1.2 lakhs, then balancesheet and profit & loss A/c is applicable.

So to that extent your filings are wrong.

prepare first year's balancesheet based on what you have shown in the ITR and then carry forward the surplus to next year.