17 May 2010
Supposse individual wants to show his account first time to I.T. DEPT. If 1. He is having One Building, in his name. 2. He is doing business, first year net profit is in taxable limit. Rs.165000/- 3. He is having One motor vehicle, CAR. 4. He is having the cash of Rs.4lacs, 5. He is havig the jewels worth Rs.5 lacs.
Please tell me how to bring this in his accounts. Whether we have to show all in his Balance sheet or not. Please advice . thanks.
CAclubindia
