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03 June 2020
Rent received from shop let-out. Please help me to give treatment.
03 June 2020
Bank A/C Dr To Rent(profit and loss account) cr(being received from shop let out)
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
You Can do it but Rent will be considered as an introduction of capital in your business of professional servicesbut you need to pay tax on rent under house property
OK thanks sir then what is advisable treatment also guide me to adjust bank interest
No interest received from bank
The same way Bank a/c To Intrest Intrest A/c drto capital A/cbut make sure you need to pay tax under IFOS
Thanks a lot sir. But let me know which is advisable Bank A/C DrTo Rent(profit and loss account) cr(being received from shop let out)Or Bank A/c Dr.To proprietor capital A/c
See according to me it will be Bank a/c dr To capital account (Narration Being rent received and invested in business)
OK thanks for your quick response.
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