Hello,
i have 2 bank accounts in my firm.
As per books of accounts, in one account i have Rs. 18000 balance and in another i have Rs. 110000 negative balance... So how shall i show it in ITR?
1. Whether to show net effect as Rs. 92000 as loan from banks
or
2. Shall i Show Rs. 18000 as bank balance under applications of funds and Rs. 110000 as loans from bank.
Please guide which will be appropriate????
| Originally posted by : ADNAN HUSSAIN | ||
 |
Hello, i have 2 bank accounts in my firm. As per books of accounts, in one account i have Rs. 18000 balance and in another i have Rs. 110000 negative balance... So how shall i show it in ITR? 1. Whether to show net effect as Rs. 92000 as loan from banks or 2. Shall i Show Rs. 18000 as bank balance under applications of funds and Rs. 110000 as loans from bank. Please guide which will be appropriate???? |
 |
Positive Balance show under Current Assets
Negative Balance show under Current Liability.
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