21 September 2011
Building is belong to school.and now same school management operates the college in same building.same building is used by school and college.now i am going to prepare the separate financial statement for school and college.i already show the building in school balance sheet.now how to give the treatment of building in college financial statement.if house rent as an expenses is shown in college books then TDS on house rent is required to deduct which is not fair because building is belongs to same management and no rent is required to pay.so plz suggest me.can we show as a loan transaction to save from TDS.
26 September 2011
Look gentle man, if you are not paying any rent then why do you want to show the rent in th books of college, if you doing the same for deducting the profits of the college. Better show the rent income in the school books and if you are not showing the same in school books. TDS will be deducted and better you claim the same in returns of School or show the rent less than the limits of TDS
CAclubindia
