Regarding how to bring the assets to accouants
This query is : Resolved
17 May 2010
Supposse individual wants to show his account first time to I.T. DEPT. If
1. He is having One Building, in his name.
2. He is doing business, first year net profit is in taxable limit. Rs.165000/-
3. He is having One motor vehicle, CAR.
4. He is having the cash of Rs.4lacs,
5. He is havig the jewels worth Rs.5 lacs.
Please tell me how to bring this in his accounts. Whether we have to show all in his Balance sheet or not. Please advice .
thanks.
1. He is having One Building, in his name.
2. He is doing business, first year net profit is in taxable limit. Rs.165000/-
3. He is having One motor vehicle, CAR.
4. He is having the cash of Rs.4lacs,
5. He is havig the jewels worth Rs.5 lacs.
Please tell me how to bring this in his accounts. Whether we have to show all in his Balance sheet or not. Please advice .
thanks.
17 May 2010
Well, you can show in balancesheet or at time of filing wealth tax return.
18 May 2010
Hi,
If he is using car, building etc in his business, he should show it in his business otherwise he can show it in his personal books
If he is using car, building etc in his business, he should show it in his business otherwise he can show it in his personal books
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