Tar report
This query is : Resolved
17 November 2014
ONE OF MY CLIENT RECEIVED RS 5 LAKHS AS RENT DEPOSIT AND 15 LAKHS GIFT BOTH ARE ACCOUNTED IN CAPITAL ACCOUNT BY CLIENT WHETHER I SHOULD QUALIFY THESE AMOUNT NOT CHARGEDE TO PROFITS LOSS ACCOUNT CAPITAL RECEIPT UNDER QUESTION NUMBER 16 PLEASE GUIDE ME
17 November 2014
Report these transactions in the audit report.
17 November 2014
1)If he is showing rental income then that rental deposit may be received from tenant hence if he received rental deposit definetely he has to account to capital account only,..
can be accounted as current liability if rental income also showing in financial statements
2)Gift from relative is exempt,Just examine whether it is really a gift or any income escapement, if u beleive it as income escape u may mention it as comment in report
can be accounted as current liability if rental income also showing in financial statements
2)Gift from relative is exempt,Just examine whether it is really a gift or any income escapement, if u beleive it as income escape u may mention it as comment in report
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
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- 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
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
