Dear Sir,
Please Accept my regards
When separate book of accounts are not maintained at that time while preparing balancesheet and profit and loss account to file ITR 3 as a profession shall I show Residential flat, Accumulated paid premium for LIC and shop owned by me on assets side of balance sheet.
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Replies (4)
Asking for how the above item will be reflected in balance sheet of firm?
Yaa how to reflect it and Is it advisable to disclose?
@ kapadia
these are basics of accounting and financial statements:
1. investment in residential flat should be shown in balance sheet..
2. premium paid for tax purpose is p/l item
It should feature in 80c deduction as investment for tax rebate.
3. shop owned by you -when u hv invested.
these are basics of accounting and financial statements:
1. investment in residential flat should be shown in balance sheet..
2. premium paid for tax purpose is p/l item
It should feature in 80c deduction as investment for tax rebate.
3. shop owned by you -when u hv invested.
Thank you very much Sir
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