I want to prepare the balance sheet for an individual who is a contract employee and TDS is deducted u/s 194J, this is for AY 2014-15 and his net profit exceeded 120000/- which made him to fill balnce sheet and P&L in ITR. What are the items that needs to be included in balance sheet and how to ascertain them. please share your experience and help me out.
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What should be included in balance sheet of individual?
Replies (64)
Whteher u want to file regular return or presumptive taxation... Go for presumptive taxation... As in there no compliance and simple return... In balance sheet... Proprietor capital, loans, creditor... Fixed assets, investment, current assets... Thats all... Profit and loss ac include all income and expenses
I guess @ divakar in ay there was no option for presumptive taxation in ay 2014-15 for professionals. Rest @ monika you can show the income intt income related expenses. bs will include the capital, loans current liab investment current assets like cash and bank balance and other short term loans & advances.
yes, there is no concept of presumptive for proffesional in the AY 2014-15, but @ Neha mittal how to ascertain the capital amount??
@ Neha...u r right presumptive taxation for professional came in year 2016 by arun jaitley sir... I gave answer for current year.. Didn't saw she is asking for fy 13-14, bdw how could he file return now... Bcz belated return due date lapses already
you won't need to ascertain just mention some amount of capital through cash.
Capital account preaperd by cash & Bank ac... Record bank entries... And consider all inveuand drwaings
that's the point @ divakar. @ monika is there assessment notice of the client?
his return is invalidated, as he didn't responed to defective notice; We can file the return with the assessing officer if he accepts for filing the delayed return; we have to do it manually
Then prepare cash & bank account and determine capital account
@ Monika okie no prob then introduce capital through cash account. ask if any more queries 😊
But, I am understand the above said replies...
The Querist ask Preparing BS and PandL to a individual... But, Query is not Solve...
Also I'm asking the same question as above....
How to prepare BS and PandL to a individual account...?
The Querist ask Preparing BS and PandL to a individual... But, Query is not Solve...
Also I'm asking the same question as above....
How to prepare BS and PandL to a individual account...?
I think @ raja you haven't read my replies I have mentioned in one of my reply
@ raja sir.. Ask from monika whether her query is resolved or not... Capital account should be prepared through cash & Bank A/C.... Proprietors capital then loans & liability then current liability... Fixed assets, investment, and current assets
@ Neha... In balance sheet u have to reported ur closing capital not opening capital... And closing capital include all initial investment or further investment and drwaings.... That could be derived only through cash& Bank account combined...
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