03 November 2012
if you are doing business so you should prepare Profit and loss account and otherwise u have to prepare Income and expenditure account and u should show net surplus over expenditure in the ITR and maintain books of accounts for your further future refrence
I have no business income then i have to prepare Income & expenditure.
I want to account for my personal expenses like conveyance, electricity bill, telephone bill, fuel exp., personal drawings. Then what will be the a/c heads of expenses.
03 November 2012
Use tally or some such good soft ware for entering the transactions. The expenses mentioned by you can be claimed if you are having business income OR professional income.
CAclubindia
