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Asset final value in ITR 3


Tamanna Fashion Store   25 May 2020

Tamanna Fashion Store

 23 points

| My Other Post

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.

avater

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

Asha Kanta Sharma
Manager - Finance & Accounts 
 105 likes  5137 points

View Profile | My Other Post

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.

avater

sabyasachi mukherjee   26 May 2020

sabyasachi mukherjee

 116 likes  3286 points

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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.

avater

Raj C Doshi (Practising CA)     26 May 2020

Raj C Doshi
Practising CA 
 189 likes  2717 points

View Profile | My Other Post

Please study about cut off procedures.

avater

CA Arun Kumar Tiwari (CA in Practise)     28 May 2020

CA Arun Kumar Tiwari
CA in Practise 
 46 likes  440 points

View Profile | My Other Post

 

 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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