Rent
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 June 2014
Sir
I am an accountant and want your kind guidance. My client want to show the rental income. He is drawing the rent in cash of Rs.3.13L pa. Can he deposit the amount in cash for the whole year for the past year?
In accounts can he show quarterly the amount of rent in books.What is the procedure to deposit the amount in saving a/c.And whether the rent receipt is necessary to maintain for the records?
Kindly advise on urgent basis.
Regard
I am an accountant and want your kind guidance. My client want to show the rental income. He is drawing the rent in cash of Rs.3.13L pa. Can he deposit the amount in cash for the whole year for the past year?
In accounts can he show quarterly the amount of rent in books.What is the procedure to deposit the amount in saving a/c.And whether the rent receipt is necessary to maintain for the records?
Kindly advise on urgent basis.
Regard
23 June 2014
the ideal way to deposit it in bank is to do it monthly.
regardless, even if you deposit, quarterly, yearly of half yearly, there wont be any tax impact.
rent agreement and the copy of receipt issued by himself should be sufficient records.
regardless, even if you deposit, quarterly, yearly of half yearly, there wont be any tax impact.
rent agreement and the copy of receipt issued by himself should be sufficient records.
23 June 2014
he can deposit the rent by monthly and for rental income it is better if he have rent agreement and issue rent receipts also to the tenants.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- House Property Reporting in ITR
- TDS Claim year
- Liable to deduct tds and 44ADA
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- Rent lease agreement
- Entries in AIS regarding sale of units and shares
- SGST balance is there in credit ledger how to adjust for cgst
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
