Dear sir,
1.) Is it necessiary to show INPUT VAT + VAT PAID in expenses and VAT COLLECTED in income side. In my case both sides the amounts were same.
2.) In balance sheet, is it necessiary to show personal saving account amounts since ours is a proprietorship concern and we are dealers of electronic items. Some one advised that the personal bank account balances, rent recd from property, interest on savings bank accounts should be shown in capital account. In earlier years, the rent recd and interest recd were shown in the computation of income and personal bank balances were not shown in it returns. Can you please guide me ?
3.) If iam withdrawing money from business to personal account and investing in shares, how that should be shown in it returns ?.Since it is personal investment can we show this in balance sheet ? We are mentioning the turnover and profit in IT returns.
Pl do help me.
regards,
SUNIL
CAclubindia
