How to manage accounts

A/c entries 613 views 8 replies

garvit bharti

CA FINAL

375 Points Joined February 2012

hi all,

lets pick the financial year 2014-15

one of my client is doing business as an individual and made some expenditures for the business this year upto now..I am maintaining his accounts as an individual and making entries properly.

Client had also a registered partnership firm and which was not active even after its registration itself. Now he has converted that partnership firm into sole proprietorship firm.

Now my questions are:

1. How should i manage the accounting of client as an individual or as a proprietorship?

(eg: should i continue the accounting of the individual as it is in the proprietorship firm because we all know that for both individual and proprietorship purposes, only INDIVIDUAL PAN is used only.)

2. At the end of the financial year 2014-15, when i will file the income tax return of the client , will i have to assess all the income of individual (i.e upto now ) & proprietorship firm (i.e after now) under individual pan only???

pls suggest

thanks

Replies (8)

CA R SEETHARAMAN

CA Practice

147707 Points Joined September 2013

Continue the accounting of the individual as it is in the proprietorship firm.
Assess all the income of individual (i.e upto now ) & proprietorship firm (i.e after now) under individual pan only.

garvit bharti

CA FINAL

375 Points Joined February 2012

Originally posted by : SEETHARAMAN

Continue the accounting of the individual as it is in the proprietorship firm.
Assess all the income of individual (i.e upto now ) & proprietorship firm (i.e after now) under individual pan only.

thanku sir for your guidance,,

In case that client now wants to take service tax registration number, then what are the documents that are required for this purpose,,

apart from

1 pan card copy

2 residence proof

3. print out generated by submitting ST-1 online..

pls suggest

thanks

CA R SEETHARAMAN

CA Practice

147707 Points Joined September 2013

THE INDICATIVE LIST OF DOCUMENTS REQUIRED FOR SERVICE TAX REGISTRATION IS SUMMARIZED HERE IN BELOW.

1. Pan Card
2. Bank Statement
3. Cancelled Cheque
4. Identity and Address proof
5. Photograph
6. Electricity Bill of the premises
7. Rent Agreement of the premises where registration is sought
8. Signature on forms and declarations

garvit bharti

CA FINAL

375 Points Joined February 2012

Originally posted by : SEETHARAMAN

THE INDICATIVE LIST OF DOCUMENTS REQUIRED FOR SERVICE TAX REGISTRATION IS SUMMARIZED HERE IN BELOW.

1. Pan Card
2. Bank Statement
3. Cancelled Cheque
4. Identity and Address proof
5. Photograph
6. Electricity Bill of the premises
7. Rent Agreement of the premises where registration is sought
8. Signature on forms and declarations

special thanks for ur handsome reply sir ji,,

what in case premise to be registered is office at own house of the assessee which is in the name of parents...??