Income tax/balance sheet
This query is : Resolved
kumaraswamy
(Querist)
27 November 2014
Hi,
we(Propritor firm)applied to bank for loan towrds godown construction in IDA place.
bank loan given as home loan so how treated this loan & how to take loan, interest in our books.
how we have to treat loan, interest and godown account in books , as per law.
we(Propritor firm)applied to bank for loan towrds godown construction in IDA place.
bank loan given as home loan so how treated this loan & how to take loan, interest in our books.
how we have to treat loan, interest and godown account in books , as per law.
27 November 2014
loan should be shown in liabilities and increase bank account and when u pay gicve reverse of this.
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kumaraswamy
(Querist)
29 November 2014
Sampat ji, thanks to reply.
Can i show in B/sheet as liability, interest in p&l a/c, balances in proprietor firm.
Loan=in B/Sheet,
Interest= in PL a/c.,
loan repayment from firm to bank,
interest less from tax liability in ITR.
pls suggest me
Can i show in B/sheet as liability, interest in p&l a/c, balances in proprietor firm.
Loan=in B/Sheet,
Interest= in PL a/c.,
loan repayment from firm to bank,
interest less from tax liability in ITR.
pls suggest me
kumaraswamy
(Querist)
29 November 2014
Can i show (Proprietor house loan)
loan liability in B/Sheet,
Interest in P& L a/c.,
Less interest ,repayment from TAX Liability while IT returns.
loan liability in B/Sheet,
Interest in P& L a/c.,
Less interest ,repayment from TAX Liability while IT returns.
01 December 2014
if loan is not used for prop business then no deduction will be allowed
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