Notes for balance sheet
Querist : Anonymous
I have to prepare Balance sheet and Profit and Loss for Interiors Design Company. i have some doubt plz clarify me
1. May i prepare horizontal balancesheet or vertical balance sheet compulsory ?
2. Above said company turnover is less than 20 lakhs , notes are required or not?
Thanks and Regards
02. Please do prepare the notes to accounts.
Querist : Anonymous
Querist : Anonymous
above mentioned company in proprietorship. for which taxpayer head i have to calculate tax like individual, firm, domestic company etc
Querist : Anonymous
Querist : Anonymous
See try to understand the definition of PERSON under income tax. There are 7 types of persons under income tax viz.
Individual
HUF
Company
Firm
AOP or BOI
Local Authority
AJP (Artificial Juridical Person)
Each of the above can file ITR under its respective capacity.
Querist : Anonymous
2. I'm withdrawing 25000/Month a want s salary form last one year . i have to pay income tax. i have one doubt where i want to deduct my expenditure like rent payable travelling expenses telephone expenses etc...
Can you please specify?
Is it as salary or some thing else?
Querist : Anonymous
Please read section 10 for transport allowance.
Also read sec 80C and 80 TTA
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