I purchased a mobile phn last year after year ending.
can I show it in asset for individual ITR 3 filing 2019-20 and what value I should put now , I purchased at 10999 rs?
Thanks.
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Asset final value in ITR 3
Replies (4)
You have to show your Income and eligible deduction, investment. These Expenses or Asset can not be shown in ITR. However you may approach CA to prepare and PL and BS in which you may show it as an asset.
Tamanna
you can obviously capitalize your asset..
But certainly it does not serve your purpose.
Any further queries Pls mail your details at sabyasachimukherjee7098 @ gmail.com.
you can obviously capitalize your asset..
But certainly it does not serve your purpose.
Any further queries Pls mail your details at sabyasachimukherjee7098 @ gmail.com.
Please study about cut off procedures.
In this case, Mobile is purchased after the year end then Cut Off procedure should be followed and this expense is regarded as Personal Expense .So it should not be shown in Balance Sheet Asset side of Rs.10999.
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