21 September 2010
I want to Know for Income tax purpose that if there is required to show house property & Investment otherthan eligible for deduction in b/s ? i.e 1. if i purchase a house property would i show its purchase price of land & construciton cost in balance sheet in fixed assests ? 2. if i invested in K.V.P, bank F.D, Recurring Accounts, Sahara india Investments, daily investment or any other investments which are not eligible for deduction u/s 80C ?
exlpain if you have any it rules information thanks in advance
24 September 2010
For IT purposes, Balance sheet may be asked for by AO whenever he has any doubt about ur invt. in relation to ur income. when u prepare ur balance shhet, all the assets must be disclosed (for individuals) otherwise, if the asset/invt. is found later, it will be considered as unaccounted asset/invt Regards, CA Shakuntala Chhangani
CAclubindia
