Dear Sir,
Please Accept my regards
When separate book of accounts are not maintained at that time while preparing balancesheet and profit and loss account to file ITR 3 as a profession shall I show Residential flat, Accumulated paid premium for LIC and shop owned by me on assets side of balance sheet.
4 Replies
Atharva Kanhere
(13 Points)
Replied 05 May 2020
Asking for how the above item will be reflected in balance sheet of firm?
Mahesh Kapadia
(194 Points)
Replied 05 May 2020
Yaa how to reflect it and Is it advisable to disclose?
sabyasachi mukherjee
(27574 Points)
Replied 05 May 2020
@ kapadia
these are basics of accounting and financial statements:
1. investment in residential flat should be shown in balance sheet..
2. premium paid for tax purpose is p/l item
It should feature in 80c deduction as investment for tax rebate.
3. shop owned by you -when u hv invested.
these are basics of accounting and financial statements:
1. investment in residential flat should be shown in balance sheet..
2. premium paid for tax purpose is p/l item
It should feature in 80c deduction as investment for tax rebate.
3. shop owned by you -when u hv invested.
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