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Asset final value in ITR 3

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Tamanna Fashion Store

36 Points Posted on 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.

Replies (4)

Quick Summary

This discussion addresses whether a mobile phone purchased after the financial year-end can be shown as an asset in an individual's ITR 3 filing for 2019-20. The consensus is that such an expense is considered personal and falls under cut-off procedures, meaning it cannot be directly shown as an asset in the ITR. While a CA could potentially include it in a Balance Sheet, it doesn't serve the purpose of ITR filing.

Aashok Kumar Sharma

Finance/Compliance Consultant

69948 Points Posted on 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

Profession

19978 Points Posted on 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

5649 Points Posted on 26 May 2020

Please study about cut off procedures.

CA Arun Kumar Tiwari

CA in Practise

220 Points Posted on 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.