Assessment of individual

This query is : Open

SANTANU SAHA (Querist)
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24 March 2014 An individual is into govt. service. He has income from salary and one house property. Can a Income/Expenditure account and balance sheet be prepared for him?

CA Surendra Bhatt (ACA,DISA)

CA Surendra Bhatt (ACA,DISA) (Expert)
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24 March 2014 No one can stop you from doing that. But use of the same shall be for your record purpose. It has no use while filing your Icome Tax Returns.

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SANTANU SAHA

SANTANU SAHA (Querist)
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24 March 2014 Thank You for your answer.

Can the capital accumulated by preparing I/E & B/S of a salaried person can be used when he retires?

What expenses is to be shown from such I/E account? OR the entire salary (basic+DA) can be added to capital?

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