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Fixed asset

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 December 2016 Dear Auditors

Please solve my blow problem

May we show gold as fixed asset? If it is fixed asset there is no depreciation. In our book have some other fixed asset, I have to maintain fixed asset table, in case there is no depreciation on gold I think it is not necessary to show this in fixed asset table


06 December 2016 What is the nature of business of your Company ? What is the purpose of buying Gold ?

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 December 2016 thank for replied above query...

Nature of business is Interiors Design. Gold not purchasing i had hold in home for last 3 financial year...




06 December 2016 It is your personal asset and need not be shown in the Balance sheet of business

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 December 2016 Ok Sir Thank U

and another two questio are there plz need support

1. I have to Submit my ITR in this month under the head of Income from Business or profession. my turnover not more than 60 lakhs which one i have to select here ITR or ITRs pla let me know? Assessment year is 2016-17.

2. which was the due date for submit returns?


06 December 2016 You are a consultant or selling the Goods for interior or both?
If both what is turnover of consultancy and sales?

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 December 2016 Yes we are selling goods to client and also takes consultant fees. turn over is not more than 40 lakhs.

which was the due date of assessment year 2016-17

06 December 2016 1. If your income is less than 40 lakh you need not get your accounts audited. Return to be filed is ITR 4 or ITR 4 S if you are going for presumptive tax. 2. Due date 31.07.2016




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Querist : Anonymous

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Querist : Anonymous (Querist)
06 December 2016 Ya sir. i don't know which one i have to select . ITR4 or ITRs . presumptive income means?

06 December 2016 ITR 4 has to be filed

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 December 2016 OK....... Thank N join sir for your support thank thank lot......



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