Hi members,
Do individual and HUF also make balance sheet ? What about calculation of net worth of individuals...etc. Why is it required?
16 Replies
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17853 Points)
Replied 26 April 2011
Ofcourse individual and HUF also prepare balance sheet for the purpose of filing Income Tax Return.
CA Navin Jain
(MANAGER (FINANCE & ACCOUNTS))
(11768 Points)
Replied 26 April 2011
If Individual and huf having the income from businees then they make the balance sheet and profit and loss a/s,
if Individual and huf donot having the income from businees then they also make the balance sheet
Suraj S
(Audit Executive)
(335 Points)
Replied 26 April 2011
Navin Sir,
Only a individual/huf having business income need to prepare a balance sheet and maintain books as per Sec 44AA.
CA Navin Jain
(MANAGER (FINANCE & ACCOUNTS))
(11768 Points)
Replied 26 April 2011
Only a individual/huf having business income and NOT maintain books as per Sec 44AA. But they make the balance sheet realted to cash, bank, debtors, and creditors.etc.
Prateek
(B.Com(H) PGDBA CA Final)
(436 Points)
Replied 26 April 2011
Can anyone tell me if a person opens a Sole Proprietorship Business of Selling General Insurance,Life Insurance,Mutual Funds.(working as a agent for diffrent companies). How the Proprietor Maintains his Accounting Books.???. His Income would be only Commission . How to do accounting for this in Tally.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 26 April 2011
| Originally posted by : Prateek | ||
 |
Can anyone tell me if a person opens a Sole Proprietorship Business of Selling General Insurance,Life Insurance,Mutual Funds.(working as a agent for diffrent companies). How the Proprietor Maintains his Accounting Books.???. His Income would be only Commission . How to do accounting for this in Tally. |
 |
commission a/c ...........direct income
bank interest ..............indirect income
TDS on commission ........... incometax
expenses ................... direct expenses
post them and get P/L a/c
(Guest)
@ Navin sir: Is it necessary to maitain books of accounts even if there is no question to pay the income tax?
And especially my question is if the turnover not more than 60Lakhs , even then we need to maintain books of accounts as there is no need to pay income tax as turnover of business doesnt exceed exemption limit....?
Is there any amendment to 60Lakhs..?
Thanks in advance.
Prateek
(B.Com(H) PGDBA CA Final)
(436 Points)
Replied 27 April 2011
Can anyone tell me
Check list All Compliances & Relevant Laws applicable for PVT LTD Co ...as a Wholesaler doing Stationery Business ...Turnover 5 Crore, No. of Employees 5 ???
CA Navin Jain
(MANAGER (FINANCE & ACCOUNTS))
(11768 Points)
Replied 28 April 2011
@ Prateek and U S Sharma,
if a person opens a Sole Proprietorship Business of Selling General Insurance,Life Insurance,Mutual Funds.(working as a agent for different companies) and having the the income only commission
they need to maintain the record related to income and expenses, in such case if asessee has claim the expenses all expenses would be in the cash therefore assess need to prof the he has withdraw the cash from the bank to mitigate the cash expenses.
CA Navin Jain
(MANAGER (FINANCE & ACCOUNTS))
(11768 Points)
Replied 28 April 2011
If no income tax liability then no need to maintain books of accounts, but assessee can maintain the records only for thier convenience.
There is no amedment in rs. 60Lacs
CA Navin Jain
(MANAGER (FINANCE & ACCOUNTS))
(11768 Points)
Replied 29 April 2011
I also say that If no income tax liability then no need to maintain books of accounts, but assessee can maintain the records only for thier convenience.
but if u have paid income tax then u need to maintain records.
Another thing is all assessment year considered as a separate assessment year hence not link with any other assessment year
Prateek
(B.Com(H) PGDBA CA Final)
(436 Points)
Replied 30 April 2011
Can a Partnership Firm claims all the Mobile expenses of a partner...if not how can we do this??
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