Individual income tax income & expenditure and balance sheet

This query is : Resolved

SANDIPAN DUTTA (Querist)
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03 November 2012 Dear Sir/Madam,

I want to maintain my IT file with proper accounts.

May I know how to account for my personal exp. and Income and also any Assets & liabilities ?

Please upload an ideal format of accounts as I can prepare my IT file in proper basis .

CA VIKASH AGARWAL

CA VIKASH AGARWAL (Expert)
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03 November 2012 if you are doing business so you should prepare Profit and loss account and otherwise u have to prepare Income and expenditure account and u should show net surplus over expenditure in the ITR and maintain books of accounts for your further future refrence

SANDIPAN DUTTA

SANDIPAN DUTTA (Querist)
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03 November 2012 Dear Sir,

I have no business income then i have to prepare Income & expenditure.

I want to account for my personal expenses like conveyance, electricity bill, telephone bill, fuel exp., personal drawings. Then what will be the a/c heads of expenses.

Regards

Thanking you

Sandipan Dutta

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Amol S Joglekar

Amol S Joglekar (Expert)
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03 November 2012 Use tally or some such good soft ware for entering the transactions. The expenses mentioned by you can be claimed if you are having business income OR professional income.