If a person has the following Balances in his Bank Accounts
1.Financial Year 11-12 Rs.50000
2.Financial Year 12-13 Rs.20000
3.Financial Year 13-14 Rs.80000
4.Financial Year 14-15 Rs.150000
5.Financial Year 15-16 Rs.250000
Now if he wants to file ITR for FY 15-16, should he show the accumulated income from 11-12 to 15-16 i.e.Rs.550000/- or only the income pertaining to FY 15-16 i.e.250000/- Please reply as soon as possible
-Income pertaining only to the relevant F.Y for which return is filed should be shown
-For F.Y 2015-16 , Income of only FY 15-16 should be shown
You can treat the opening balances as the opening capital for current financial year incuding any other asset being cash or anything as was holding on the 01.04.2015.. Then only the income of current year to be taken as taxable..
Also you can't say that the differences in bank balances is the income... that may not be totally income. You should check the statement and other actuals before showing income in ITR.
For F.Y 2015-16 , Income of only FY 15-16 should be shown
CAclubindia
