I have a client who's having Rental income in cash of rs.20000/- he keeps record of the same he wants to file income tax return and show the amount of Rs 240000/-(pa.) to his return.he is also having share income( Both Short and long term). how to maintain the accounts for both kind of incomes how to save tax on these income( Rental and Share Income)? Many payments received in cash so how to deal with cash portion received?
He want to maintain the share Income in his Tally Software the how to maintain daily Sale and Purchase transaction. please let me know how to maintain the share records in Tally?
29 November 2014
01. Show rental income as income from house property. (Dont forget the provisions of 194I for TDS) So be carefull in CASH rent 02. Tally entry are simpler. Basically find out in how many scrips trading is done. If it is upto 10 (Which is normally the behaviour of the share traders), you can open the account in the name of that scrip. Open account of margin trade, investment trade and so on.
CAclubindia
