Prepared By

Nadeem Butt (FCA)

Chartered Accountant

Taj Arcade, 3rd Floor, Office # 06, Opposite Services Hospital, 73-Main Jail Road, Lahore – Pakistan
Ph: +92-42-35408635-36, 35408638 Fax: +92-42-35408641 Mob: 0333 / 0301-4245240
E-mail: nbco2007 @ yahoo / gmail / hotmail.com website: nbandco.com
 RETUNR & Wealth Statement Under ITO For Tax Year 2019
Sr. Section Heading
1. 114 Various aspects related to filing of return
2. 115 Various aspects related to statement under FTR
3. 116 Wealth statement
116 Who should file wealth statement
116A Foreign Income and Assets Statement
4. 117 Income tax requirements for discontinued business
5. 118 Procedure to file the wealth statement
118 Due date for filing of return / wealth statement
6. 115 Persons not required to furnish return of income
Extension of time for furnishing of returns and other
7. 119
documents
8. 120 Limitation on issuance of short documents notice
9. 111 Unexplained income or assets
10. 182 Offence & penalty
Prosecutions for non-compliance with statutory
11. 191
obligation
Assessment procedure

HEADINGS PARTICULARS

ASSESSME After finalization of accounts the taxpayer prepares & files ITR with
NT the tax department by manual or on E. portal along-with required
PROCEDUR documents. After filing of ITR the tax department selects the cases
E for total audit, or for amendment in assessment. The said process
is named as assessment process.

1. Who should file the return of income [Section 114(1)]

The following persons are required to furnish a ROI for a tax year, namely:-

SR. HEADINGS EXPLANATION

1. COMPANY EVERY COMPANY,

2. EVERY PERSON WHOSE TAXABLE INCOME FOR THE YEAR EXCEEDS THE
OTHER THAN A MAXIMUM AMOUNT NOT CHARGEABLE TO TAX,
COMPANY

3. NPO ANY NPO, AND

4. WELFARE ANY WELFARE INSTITUTION APPROVED,
INSTITUTION
5. ANY PERSON NOT 1. HAS BEEN CHARGED TO TAX IN RESPECT OF ANY
COVERED IN THE OF THE 2 PRECEDING TAX YEARS;
ABOVE CLAUSES
WHO,
2. CLAIMS A LOSS C/F FOR A TAX YEAR;
3. Owns immovable property with a land area of 250
square yards or more or owns any flat located in
areas falling
(a) within the municipal existing immediately before
the commencement of Local Government laws in the
provinces (within municipal limits known as
citizen with privileges) or
(b) areas in a Cantonment or
(c) the Islamabad Capital Territory;
4. Owns immoveable property with a land area of
500 square yards or more located outside the
area specified in 3 above in a rating area;
5. Owns a flat having covered area of 2,000 square
feet or more located in a rating area;
 6. Owns a motor vehicle having engine capacity above
1000CC; and
7. Has obtained NTN.
8. Is the holder of commercial or industrial connection of
electricity where the amount of annual bill exceeds
Rs.500,000.
9. Is a resident person registered with any Chamber of
Commerce and Industry or any trade or business association
or any market committee or any professional body including
Pakistan Engineering Council, Pakistan Medical and Dental
Council, Institute of Chartered Accountants of Pakistan or
Institute of Cost and Management Accountants of Pakistan.
10. every resident person being an individual required to file
foreign income and assets statement u/s 116A.

6. BUSINESS Every individual

INCOME & Every individual whose annual income under the head ‘Income
OTHER from business exceeds Rs.300,000 but does not exceed
INCOME Rs.400,000 in a tax year are also required to furnish return of
INDIVIDUALS income for the tax year. Example 1, 2 & 3
Rating area: In this section rating area has not been defined but its means
urban area where provinces tax applies.
1.1 Requirements to file a return [Section 114(2)]
SR. HEADINGS EXPLANATION
1. RETURN SHOULD BE IN shall be in the prescribed form & shall be
PRESCRIBED FORM & accompanied by annexures, statements or
ACCOMPANIED BY REQUIRED documents,
DOCUMENTS
2. DISCLOSURE OF REQUIRED shall fully state all the relevant particulars or
INFORMATION & RECORDS information specified in return form & declaration
KEPT BY TAXPAYER of the records kept by the taxpayer;
3. DULY SIGNED shall be signed by the person or the person's
representative, where applicable.
4. EVIDENCE OF TAX PAID WITH shall be accompanied with due payment of tax
THE RETURN due as per ROI; and

5. ACCOMPANIED WITH shall be accompanied with a wealth statement.

WEALTH STATEMENT

ACCOMPANIED WITH shall be accompanied with a foreign income and

FOREIGN INCOME AND assets statement as required u/s 116A.
ASSETS U/S 116A
1.2 Furnishing of return of income [Rule 34]
SR. HEADINGS EXPLANATION
1. VERIFIED RETURN IN A verified ROI u/s 114 shall be furnished in the form
PRESCRIBED FORM & as specified in Annexure-XIII of Part VI of the 2nd
ACCOMPANIED BY Schedule to ITR’s, 2002 & accompanied by
REQUIRED DOCUMENTS applicable documents, statements, certificates,
annexes; and

2. ACCOMPANIED WITH In case of companies, the ROI shall be

AUDITED ACCOUNTS & accompanied by audited accounts & reconciliation
RECONCILIATION OF of profits as per accounts & taxable income as per
PROFITS AS PER return.
ACCOUNTS & AS PER
TAX
1.3 Procedure to file the return [Section 114(2A)]

SR. HEADINGS EXPLANATION

1. PROCEDURE A ROI filed electronically or through any magnetic
SPECIFIED BY THE media or any other computer readable media
BOARD specified by the Board shall also be deemed to be a
return.

2. FILING OF RETURNS The Board by notification in the official Gazette may

THROUGH E- make rules for determining eligibility of the data of
INTERMEDIARIES such returns & e-intermediaries that will digitize the
data of such returns, statements or other documents
etc. to transmit the same electronically under their
digital signatures.
1.4 Special cases where less than twelve months
return is required [U/S 114(3)]
SR. HEADINGS EXPLANATION
1. C ASES WHERE THE Where the person has
CIR MAY REQUIRE
BY NOTICE TO 1. died,
FURNISH A ROI FOR
A PERIOD LESS 2. become bankrupt or
THAN TWELVE
MONTHS
3. gone into liquidation,

4. permanently to leave Pakistan Or where

5. considers appropriate that the return should be

furnished.
1.5 Filing of return on demand [U/S 114(4) and (5)]

SR. HEADINGS EXPLANATION

1. C ASES WHERE THE The CIR may require from the person the return within 30
CIR MAY REQUIRE days from the date of service of such notice or such
BY NOTICE TO longer or shorter period as may be specified in notice or
FURNISH A RETURN allowed by the CIR.
OF INCOME
2. LIMITATION OF The CIR may require the ITR for one or more of the last
NOTICE 5 completed tax years or assessment years.

Provided that in case of a person who has not filed return

for any of the last five completed tax years, notice may be
issued in respect of one or more of the last ten completed
tax years.

Provided that the time limitation provided shall not

apply if the Commissioner is satisfied on the basis of
reasons to be recorded in writing that a person who
failed to furnish the return has foreign income or own
foreign assets.
 1.6 Conditions to revise return [U/S 114(6) (6A)]
Any person after filing of return discovers any omission or wrong statement therein may
revise return subject to the following conditions:

SR. HEADINGS PARTICULARS

1. ACCOMPANIED BY REVISED It is accompanied by the revised accounts or

OR REVISED AUDITED revised audited accounts as the case may be; and
ACCOUNTS

2. REASONS OF REVISION The reasons for revision of return, in writing, duly

signed, by the taxpayers are filed with the return.

3. APPROVAL OF THE It is accompanied by approval of the

COMMISSIONER Commissioner in writing for revision of return

4. RETURN TREATED AS Provided that if any of the above conditions is not

INVALID fulfilled, the return furnished shall be treated as an
invalid return as if it had not been furnished.
5. TAXABLE INCOME DECLARED Taxable income declared is not less than & loss
IS NOT LESS THAN & LOSS declared is not more than income or loss, as the case
DECLARED IS NOT MORE may be, determined by an order issued u/s 121, 122,
THAN INCOME OR LOSS 122A, 129, 132, 133 or 221:
ASSESSED
Provided further that the condition for approval of
the Commissioner shall not apply, if revised return is
filed within 60 days of filing of return.

Provided also that approval of the Commissioner

shall not apply and the approval required there under
shall be deemed to have been granted by the
Commissioner, if-

(a) the Commissioner has not made an order of

approval in writing, for revision of return, before
the expiration of 60 days from the date when the
revision of return was sought; or

(b) taxable income declared is more than or the loss

declared is less than the income or loss, as the case
may be, determined u/s 120.
6. STATUS OF If a taxpayer files a revised return voluntarily & deposits the amount
PENALTY ON of tax evaded or short paid, along with the default surcharge. The
REVISED penalty status shall be as under:
RETURN A. BEFORE RECEIPT OF NOTICE No penalty shall be recovered.
U/S 177 OR SECTION 122(9)

B. DURING THE AUDIT OR BEFORE 25% of the penalties shall be

THE ISSUE OF NOTICE U/S 122(9) recovered.

C. AFTER THE ISSUE OF SHOW 50% of the penalties shall be

CAUSE NOTICE U/S 122(9) recovered.
2. Revision of statement in case of final taxation
[Section 115(4A)]
SR. HEADING EXPLANATION

1. WHY STATEMENT Any person after filing of statement of final taxation

IS REQUIRED TO discovers any omission or wrong statement therein may
BE REVISED? furnish a revised statement for that tax year.

2. LIMIT OF TIME Statement may be revised at any time within five years from
PERIOD FOR the end of the financial year in which the original statement
REVISION was furnished.
2.1 CIR's power to require statement of final tax
[Section 115(5) & (6)]

SR. HEADING EXPLANATION

1. NOTICE The CIR may by notice in writing require any person to

file the statement of final taxation who in the CIR
opinion is required to file the same

2. TIME FOR FILING On receipt of notice, the person is required to file the
OF STATEMENT statement within 30 days from the date of service of
ON RECEIPT OF such notice or such longer period as may be specified
NOTICE in notice or allowed by the CIR.

3. LIMITS FOR CIR CIR may require statements for one or more of the last
TO REQUIRE five completed tax years or assessment years.
STATEMENTS
3. Wealth statement various aspects
SR. HEADINGS EXPLANATION
1. ACTUAL COST CONCEPT Its comparison to be made with the statement of
assets and liabilities filed with the ECP.
2. Contents of a wealth i. the person‘s total assets and liabilities as on
statement specific date;
ii. the total assets and liabilities of the person‘s
spouse, minor children, and other
dependents as on specific date;
iii. any assets transferred by the person to any
other person during the specified period and
consideration for the transfer;
iv. the total expenditures incurred by the person,
and the person‘s spouse, minor children, and
other dependents during specified period and
the details of such expenditures; and
v. the reconciliation statement of wealth.
3. Double entry concept With reference to various transactions.
Requirements to file a return [Section 114(2)(e)]

SR. HEADINGS EXPLANATION

1. INCOME TAX shall be accompanied with a
RETURN wealth statement.
 3.1 Wealth Statement [U/S 116 & RULE 36]
S R. HEADING EXPLANATION
1. WHO IS RESIDENT i. Every resident individual taxpayer is liable to file a
REQUIRED INDIVIDUAL ROI for any tax year shall furnish a WS & wealth
TO FILE LIABLE TO FILE reconciliation statement along-with the return. [Section
WS ITR 116(2)].
ii. Implications with reference to filers and non filers
especially related to non residents.
iii. The provisions of section 116(2) shall not apply for the
tax year 2014 to an individual or a member of an AOP
whose last declared or assessed income, or the
declared income for the year is less than Rs.1,000,000
or the amount of final tax was less than Rs. 35,000.
[Clause 82 & 83 of Part IV of 2nd Schedule]
iv. Every person (other than a company or an AOP’s filing
statement u/s 115(4), falling under FTR shall file a
wealth statement along with reconciliation of wealth
statement.
2. REVISION OF WS Where a person after filing of WS discovers any omission
or wrong statement therein may furnish a revised WS at
any time before the receipt of notice under section
122(9) for the tax year to which it relates. [Section
116(3)]
3. FURNISHING OF WS 1. In the prescribed Form
[RULE 36] 2. Verified in the specified manner
3. Accompanied by such documents, statements &
certificates required under the Ordinance / Rules
4. Along-with a WRS.
4. Format of 1. Containing main headings (including assets inside +
wealth outside Pakistan).
statement is 2. First headings are for assets.
separately
attached 3. Then headings are for Liabilities.
4. Then WRS; and
5. Then for assets transferred / sold / gifted / donated
during the year.
 Foreign Income and Assets Statement [U/S 116A]

SR. EXPLANATION
1. Every resident taxpayer being an individual having foreign income of
not less than ten thousand United States dollars or having
foreign assets with a value of not less than one hundred
thousand United States dollars shall furnish a statement, hereinafter
referred to as the foreign income and assets statement, in the prescribed form
and verified in the prescribed manner giving particulars of —
a. the person’s total foreign assets and liabilities as on the last day of the tax year;
b. any foreign assets transferred by the person to any other person during the tax
year and the consideration for the said transfer; and
c. Complete particulars of foreign income, the expenditure derived during the tax
year and the expenditure wholly and necessarily for the purposes of deriving
the said income.
2. The Commissioner may by a notice in writing require any person being an
individual who, in the opinion of the Commissioner on the basis of reasons to
be recorded in writing, was required to furnish a foreign income and assets
statement under sub-section (1) but who has failed to do so to furnish the
foreign income and assets statement on the date specified in the notice.
 Method to Furnish the Return [U/R 73 & U/S 118]
A ROI, a statement for incomes covered under FTR or a WS or a foreign income and
assets statement under 116A shall be furnished by almost all the persons on E. portal
except where allowed to file by post or courier service or delivery by hand. [Section
118(1)]
Persons required to file return / statements electronically [Rule 73]
SR. PERSONS DOCUMENTS TO BE FILED ELECTRONICALLY
1. Companies and AOP’s ROI & withholding tax statements
2. A person registered under the ROI
Sales tax Act
3. An individual having salary income ROI, proof of tax deduction / payment & WS
of Rs. 500,000 or more along-with its reconciliation. OR a foreign
income and assets statement under 116A, if
applicable
4. A non-corporate entity claiming ROI
refund
5. Non-resident ship owner or non- ROI & port clearance application
resident aircraft owner or charterer
thereof
6. Any person claiming refund Application of refund
7. Federal government departments Withholding tax statements
 Charges for Various Forms [U/R 230]

The following forms shall be provided after 20th June, 2002 on payment as
mentioned against each

Sr. FORM CHARGE

1. Form of return of total income Rs. 5 each

2. Form of Wealth Statement u/s 116 of Income Tax Rs. 5 each

Ordinance, 2001
4. Income tax requirements for discontinued
business [Section 117]
SR. HEADING EXPLANATION

1. NOTICE Any person discontinuing a business shall give notice in

writing to the CIR within 15 days of such effect. [Section
117(1)]
2. FINAL RETURN The person discontinuing the business shall by himself or
FOR SEPARATE so required by CIR by notice in writing furnish a return of
TAX YEAR income for the period started from the first day of the tax
year in which business is discontinued and ending on
the date of discontinuance and this period shall be
treated as a separate tax year. [Section 117(2)]

3. WHERE Where no notice has been given by the taxpayer for

NOTICE
OF discontinuance of business but the CIR has reasonable
DISCONTINUOUS grounds that a business has discontinued or is likely to
HAS NOT BEEN discontinue, a notice may be served to such person to
GIVEN BY THE furnish within specified time a ROI for such period that shall
TAXPAYER. be treated as a ROI for all purposes. [Section 117(3) (4)]
 5. Due date for filing of return / wealth statement
[Section 118]
The return of income shall be furnished according to the following dates:

LAST DATE OF FILING OF ITR /

SR. TYPE OF PERSON YEAR END
WITH WEALTH STATEMENT

1.
Individuals being as 30-6-2018 31-8-2018
Salaried or FTR case
2. Non salaried individuals 30-9-2018
Any year end

3. Person who has Date specified in the notice from

discontinued the CIR
business 118(5) or -
through notice if return
so required
4. Persons required by Date specified in the notice from
notice to file ITR by CIR - CIR
 6. Persons not required to furnish return of income [U/S 115]

SR. PARTICULARS EXPLANATION

1. PERSONS NOT The following persons shall not be required to furnish a ROI for a tax
REQUIRED TO FILE year solely by reason of ownership of land or flat within municipal
RETURN SOLELY BY limits or Islamabad capital territory: [Section 115(3)]
REASON OF
OWNERSHIP OF
LAND OR FLAT
• ownership of land or flat within municipal limits or Islamabad capital
territory;
• ownership of immovable property with land area of 500 square yards
or more located in a rating area;
• ownership of flat having covered area of 2000 square feet or more
located in a rating area; or
• owns a motor vehicle having engine capacity 1000cc.
• A widow;
• an orphan below years age
• a disabled person or
• a non-resident person.
2. ALL THE Any person who is not required to furnish a return, where all
PERSON ’S person's income is fully covered under final taxation, shall file a
INCOME IS FULLY statement showing particulars of income for the tax year in such
COVERED UNDER form & duly verified as required. [Section 115(4A)]
FTR
 7. Extension of time for furnishing of returns and other documents
[u/s 119]

PARTICULARS EXPLANATION
EXTENSION OF TIME a. If a person is required to furnish a ROI, an employer's certificate,
FOR FURNISHING a statement of FTR or a WS then the person may apply in
RETURNS & OTHER writing to the CIR for an extension of time by the due date to
DOCUMENTS [U/S furnish the same. [Section 119(1) and (2)]
119]
b. On receipt of application if CIR is satisfied that the applicant is
unable to furnish the ROI & other allied documents by the due
date because of absence from Pakistan, sickness or other
misadventure or any other reasonable cause the CIR may
allow in writing an extension of time for a period not exceed 15
days from the due date of furnishing unless there are
exceptional circumstances justifying a longer extension of
time. [Section 119(3) and (4)]
c. Provided that where the Commissioner has not granted
extension for furnishing return, the CCIR may on an application
made by the taxpayer for extension or further extension, as the
case may be, grant extension or further extension for a period
not exceeding 15 days unless there are exceptional
circumstances justifying a longer extension of time.
PARTICULARS EXPLANATION
d. An extension of time granted to file the return & other
documents shall not be deemed as allowed for tax payable
with the return & DS shall be charged till the payment of the
same. [Section 119(6)]
RETURN NOT COMPLETE No notice of short documents shall be issued after
UNDER THE ORDINANCE [U/S the expiry of 180 days from the end of the
120(3), (4), (5) & (6)] financial year in which return was furnished.

(Explain through practical example)

1. Where
a. any amount is credited in a person's books of account;
b. a person has made any investment or is the owner of any money or valuable
article;
c. a person has incurred any expenditure, or
d. any person has concealed income or furnished inaccurate particulars of income
including
(i) the suppression of any production, sales or any amount chargeable to
tax; or
(ii) the suppression of any item of receipt liable to tax in whole or in part,

and the person offers no explanation about such items or the explanation
offered by the person is not, in the CIR's opinion, satisfactory, the said amount
shall be included in the person's income chargeable to tax in the tax year to which
such amount relates under the head "Income from Other Sources" to the extent it
is not adequately explained:

Provided that where a taxpayer explains to agricultural income as nature and

source, such explanation shall be accepted to the extent of agricultural income
worked back on the basis of agricultural income tax paid under the relevant
provincial law.;
2. The amount referred to in sub-section (1) shall be included in the person’s
income chargeable to tax:

i. in the tax year to which such amount relates if the amount representing
investment, money, valuable article or expenditure is situated or incurred in
Pakistan or concealed income is Pakistan-source; and
ii. in the tax year immediately preceding the tax year in which the investment,
money, valuable article or expenditure is discovered by the CIR and is
situated or incurred outside Pakistan and concealed income is foreign-
source.

Explanation.—For the removal of doubt, it is clarified that where the

investment, money, valuable article or expenditure is acquired or incurred
outside Pakistan in a prior tax year and is liable to be included in the
income of tax year 2018 and onwards on the basis of discovery made by the
Commissioner during tax year 2019 and onwards and the person explains
the acquisition of such asset or expenditure from sources relating to tax year
in which such asset was acquired or expenditure was incurred, such
explanation shall not be rejected on the basis that the source does not relate
to the tax year in which the amount chargeable to tax is to be included.
3. Where
The declared cost of any investment or valuable article or the declared amount
of expenditure of a person is less than reasonable amount of such items, the
CIR may include the difference in the person's income chargeable to tax under the
head "Income from Other Sources" in the tax year to which such amount relates.
4. Non application of provisions
a) The aforesaid provisions do not apply to any amount of foreign exchange remitted
from outside Pakistan through normal banking channels that is en-cashed into
rupees by a scheduled bank and a certificate from such bank is produced to that
effect.
b) to an amount invested in acquiring immoveable property and computed according to
the following formula, namely:—
A–B
Where.—
A is the value of immovable property determined u/s 68;
B is the value recorded by the authority registering or attesting the transfer:
Provided that this clause shall only apply if the value as computed u/s 68 is greater
than the value recorded by the authority registering or attesting the transfer;
Explanation:

i. For the removal of doubt, it is clarified that,—(1) Sub-section (1) shall continue
to apply to the amount representing value recorded by the authority
registering or attesting the transfer.

ii. Where a person has paid tax u/s 236W, the person shall be entitled to
incorporate in the books of accounts the amount computed under this clause
in tangible form.

5. The Board may make rules u/s 237 for the purposes of this section.
Offence Penalty Section for
which
offence
made
Where any person fails to furnish Higher of 0.1% of the 116
wealth statement or wealth taxable income per week
reconciliation statement. or Rs. 20,000.
Non compliance Prosecution Section
Where a person, without reasonable excuse, Fine or imprisonment for 191
fails to – a term not exceeding 1
comply with a notice to file the income tax year or both.
return or wealth statement,

If a person continues the offence and not filed Shall further

the income tax return or wealth statement, punishable with fine of
without reasonable excuse, within the period Rs.50,000 or
specified by the Court, imprisonment for a
term not exceeding 2
years, or both.
 12. PRACTICAL CASE
Mr. Asif has filled following wealth statement as on 30.06.2018
Plot at DHA, Lahore 3,500,000
Capital in ABC & Co 2,500,000
Jewelry 500,000
Shares in XYZ (Pvt.) Ltd 1,000,000
Cash 1,500,000
Bank 2,000,000
TOTAL 11,000,000
Personal Loan 1,000,000
TOTAL 10,000,000
During the year following information is provided:
1. He earned salary income of Rs. 1,200,000 and paid tax Rs. 100,000.
2. He sold share of Rs. 200,000 for a consideration of Rs. 350,000.
3. He settled his personal loan of Rs. 500,000.
4. His household expenses aggregates to Rs. 850,000.
5. He has given gift of Rs. 400,000 to his brother Kamran through crossed cheque.
6. He has earned profit on ABC & Co of Rs. 450,000. His drawings from the firm during the year was Rs.
275,000. He paid tax of Rs.40,000 on firm income.
7. He purchased a new plot at EME society for total consideration Rs. 2,000,000 payable in 20 installments.
During the year. He paid Rs. 700,000 in installments.
8. On 30th June 2019, his bank balance was Rs. 475,000.
Required:
Prepare the wealth reconciliation statement and wealth statement for 2019.
MR. ASIF
Wealth statement
As on June 30, 2019 Note Rupees
Plot at DHA 3,500,000
Capital in ABC 1 2,675,000
Advance for plot at EME 700,000
Jewellery 500,000
Shares in XYZ 800,000
Cash 2 2,260,000
Bank 2 475,000
Total 10,910,000
Less:
Loan (500,000)
Closing wealth 10,410,000
MR. ASIF
Wealth reconciliation statement
For the tax year 2019
Rupees
Opening Wealth 10,000,000

Add: Sources
Salary Income 1,200,000
Gain on sale of shares 150,000
Profit on ABC & CO 450,000
Total 11,800,000
Less:
Gift to brother 400,000
Tax deducted from salary 100,000
Tax on profit of ABC & Co. 40,000
Household expenses 850,000
1,390,000
Total (11,800,000-1,390,000) 10,410,000
Note 1
Capital Reconciliation Rupees
Opening 2,500,000
Profit 450,000
2,950,000
Drawings 275,000
Total 2,675,000
Note 2
Cash & Cash Equivalent Reconciliation Rupees Rupees
Opening cash 1,500,000
Opening bank 2,000,000 3,500,000
Add:
Salary 1,200,000
Drawings 275,000
Sale of shares 350,000 1,825,000
Total 5,325,000
Less:
House hold expenses 850,000
Taxes 140,000
Gift 400,000
Plot instalments 700,000
Loan instalment 500,000 2,590,000
2,735,000
Cash balancing (Rs. 2,735,000 – 475,000) 2,260,000
Bank 475,000