Return for A.Y. 07-08

This query is : Resolved

Sandeep Keswani (Querist)
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24 December 2008 One of my client wants to file his Return of Income for the A.Y. 07-08. During the relevant P.Y. 06-07, he earned Salary Income and Income from Other Sources from April 06 to September 06. From October onwards, he started a proprietary business. Prior to A.Y. 07-08, he has never filed his return of income (this will be his 1st return). As no return is filed before this, how do I show the source of the initial Capital introduced by the proprietor ?? If I show Salary income as well as Business income in the return, will it suffice the cause to prove the source of capital introduced by the proprietor ??

C A GROUP COACHING

C A GROUP COACHING (Expert)
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24 December 2008 YES IT SHOULD BE OK, BUT KEEPING IN VIEW THE AGE OF YOUR CLIENT YOU CAN ALSO BUILD UP SOME CAPITAL BASE FOR YOUR CLIENT

CHANDRAKANT AMBANI
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