Go AD-Free with CAclubindia Pro and Daily Mobile Updates. Subscribe Now!

Asset final value in ITR 3

25 May 2020

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.

Reply
Follow
Share

4 Replies

Asha Kanta Sharma (Manager - Finance & Accounts) (45592 Points)
Replied 26 May 2020

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.

sabyasachi mukherjee (27870 Points)
Replied 26 May 2020

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.

CA Raj Doshi (Practising CA) (8944 Points)
Replied 26 May 2020

Please study about cut off procedures.

CA Arun Kumar Tiwari (CA in Practise) (445 Points)
Replied 28 May 2020

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.