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Residential flat
When separate book of accounts are not maintained at that time while preparing balancesheet and profit and loss account to file ITR as a profession can I show Residential flat, Accumulated premium for LIC and shop owned by me on assets side of my professional balance sheet.
Replies (6)
Quick Summary
Yes. You can prepare BS and Income Statements based on Information provided by the clients. But payment of premiums will be accounted in Income Statements as an expense.
Lic premium is expenses or drawings?
Lic premium is a capital expence debited to capital account .......
Thanks
Yes you can show the residential flat (in the Asset Side) However no depreciation shall be claimed as its not used for business purpose. LIC Premium (Drawings from Capital Account in the books and in ITR show it under the Schedule Deductions under Chapter VIA for the premium paid during the year) and Shop Owned (In the asset side) and if you are using the shop for your own profession then you can provide for depreciation and claim the same).
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