Deemed to be let out shop Rent

213 views
User Avatar

194 Points Posted on 26 May 2022
Respected Sir /Madam
Deemed to be let out shop I have taken Rent Rs. 84000 for A. Y. 2022-23.
Please guide me in profit & loss A/c
Above rent is only deemed not actually received then profit & Loss A/c is credited by Rs 84000 or credited by Rs Zero (0)
0 Reply Share Follow
On 26 May 2022 at 11:37 Report
Replies (3)
Quick Summary
This discussion clarifies how to account for 'deemed to be let out' shop rent when it's not actually received. The consensus is that if rent is deemed but not physically received, it should not be credited to the Profit & Loss account. This difference between financial accounting and income tax is considered acceptable.

User Avatar

Practising CA
8954 Points Posted on 27 May 2022
There will no entry in profit and loss account. This genuine difference will stay between income tax and Financials which is perfectly fine.
Reply
On 27 May 2022 at 00:18
User Avatar

Profession Business
28246 Points Posted on 28 May 2022
If it is deemed and not actually received there are other issues.
Reply
On 28 May 2022 at 07:36
User Avatar

194 Points Posted on 28 May 2022
Thanks for kind reply.
Reply
On 28 May 2022 at 09:57

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Company 3 months old, INC-20A not filed, all 3 of
  2. How do I choose the Best GST Lawyers in New Delhi
  3. Loss on sale of residential flat after indexing al
  4. Short Deduction
  5. Large mismatch between AIS Business Receipts and G
  6. Income tax on Australian Stipendiary Steward on 3
  7. INCOME TAX SECTION 92E
  8. Queries on Tax Invoice and GST
  9. Income Tax Auditor Tenure for Small Companies
  10. Sec 8 company sec 12ab reg

More recent discussions | Post

Related Topics :

Loading