Opening capital

This query is : Resolved

satyam (Querist)
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24 June 2013
My client is having a age of 85 n doing agriculture activity since from 20 years of age and till date he has not filed any income tax return yet.

so can i put the opening capital of 30 lacs or such higher figure on the basis that the income earned by him is tax free form the beginning

Guest

Guest (Expert)

24 June 2013 You must have some reasons to show any balance.

You may take help of bank balance as on last year, the assets you are showing in your balance sheet, their status of last year etc