This is regarding a sole-proprietor carrying on a trading business.
Since the balance amount maintained in a trading account with a discount-brokerage company is a current asset (and not being the balance of an official bank account), is it suitable to mention it under "Cash-in-hand", or should it go under "Other Current Assets", in ITR-3 Balance Sheet of business? If not, please suggest an appropriate categorization.
Thank you in advance, experts!
@ RAJA P M, Thank you very much.
Tax laws and procedures can vary, and it's crucial to consult with a tax professional or legal advisor for advice specific to your client's situation. However, I can offer some general considerations:
In India, there is a time limit for claiming a refund of excess TDS (Tax Deducted at Source). Generally, the time limit for filing a TDS refund claim is within two years from the end of the financial year in which the tax was deducted.
For the financial year 2015-16, the deadline for claiming a refund would typically have been by the end of the financial year 2017-18.
For further more detailed information on this topic visit: What is the ITR 3 and How Can You File it?
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| Originally posted by : sabyasachi mukherjee | ||
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