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Treatment of rent received in accounts.


Mahesh Kapadia   03 June 2020

Mahesh Kapadia

 1 likes  89 points

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Rent received from shop let-out.
Please help me to give treatment.

avater

shadab shaikh   03 June 2020

shadab shaikh

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Bank A/C Dr
To Rent(profit and loss account) cr
(being received from shop let out)

avater

Mahesh Kapadia   03 June 2020

Mahesh Kapadia

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OK sir but can I show like............
Bank A/c Dr.
To proprietor capital A/c
Means my profit and loss account only show my professional income which is directly utilized to show in ITR. Please help me can I do so

avater

shadab shaikh   03 June 2020

shadab shaikh

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You Can do it but Rent will be considered as an introduction of capital in your business of professional services
but you need to pay tax on rent under house property

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avater

Mahesh Kapadia   03 June 2020

Mahesh Kapadia

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OK thanks sir then what is advisable treatment also guide me to adjust bank interest

avater

Vishesh Surana   03 June 2020

Vishesh Surana

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Bank interest on loan?

avater

Mahesh Kapadia   03 June 2020

Mahesh Kapadia

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No interest received from bank

avater

shadab shaikh   03 June 2020

shadab shaikh

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The same way
Bank a/c
To Intrest

Intrest A/c dr
to capital A/c

but make sure you need to pay tax under IFOS

avater

Mahesh Kapadia   03 June 2020

Mahesh Kapadia

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Thanks a lot sir. But let me know which is advisable

Bank A/C Dr
To Rent(profit and loss account) cr
(being received from shop let out)
Or
Bank A/c Dr.
To proprietor capital A/c

avater

shadab shaikh   03 June 2020

shadab shaikh

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See according to me it will be
Bank a/c dr
To capital account
(Narration Being rent received and invested in business)


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