I was running a micro business
8 months ago
I was running a micro business till March 31 2022. My returns for have been filed for that period. I have closed my business effective 1/4/2022. In the balance sheet of 31/3/2022, there is some assets , stocks etc still showing. There is no business income from 1/4/2022. My income for the period for the period 1/4/2022- 31/3/2023 is about Rs.20000 from my pension. Please let me know if I have to file income tax and also what will happen to the balances shown in the balance sheet.
A.Dear Client,
Since you've closed your micro business as of 1/4/2022, the assets and stocks still showing in the balance sheet as of 31/3/2022 might need to be accounted for. If you have sold or disposed of any business assets during the closure of your business, there could be potential capital gains or losses that need to be considered. If you are regularly filing income tax returns then must file income tax returns showing taxable income as zero. Capital gains can have tax implications, so it's important to assess and report them accurately.
thanks
Since you've closed your micro business as of 1/4/2022, the assets and stocks still showing in the balance sheet as of 31/3/2022 might need to be accounted for. If you have sold or disposed of any business assets during the closure of your business, there could be potential capital gains or losses that need to be considered. If you are regularly filing income tax returns then must file income tax returns showing taxable income as zero. Capital gains can have tax implications, so it's important to assess and report them accurately.
thanks
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A.Dear Sir,
If you are continuously filing income tax returns then you need to file income tax returns showing taxable income as Nil. It is as a formality.
If you are continuously filing income tax returns then you need to file income tax returns showing taxable income as Nil. It is as a formality.
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Anonymous
Replied 8 months ago
Dear Sir
Thank you for your advice. I just need to know about the closing stock, assets etc which are
shown in the last balance sheet dated 31/3/2022. Should I just ignore it.
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