I am currently maintaining sales & purchase for GST but how can I maintain expenses,closing stock,sundry debtors & sundry creditors for ITR filing because I have not created balance sheet for my previous ITR filing. It is neccessary to maintain balance sheet?
5 Replies
A B Kundu
(Professional)
(1422 Points)
Replied 12 December 2018
It's always good to maintain balance sheet as you are doing business and in case of any query raises by any department in future, you will be able to defend yourself in a more structured manner. In case, you are filing ITR U/s 44AD, then balance sheet is not required but data of few items of balance sheet are required. So, it is recommended to maintain balance sheet and all other related documents, vouchers which substantiates that balance sheet. Better hire a professional person if you can't manage the entire thing.
Ramit
(Accountant)
(128 Points)
Replied 12 December 2018
Is it good to maintain accounts in tally and do the reconcillation of bank statement in order to maintain balance sheet?
Ramit
(Accountant)
(128 Points)
Replied 12 December 2018
is it neccessary to record actual expenses in balance sheet for eg electricity expenses,telephone expenses,office expenses etc
or can we predict from last year itr form and change figures and then show it in current balance sheet.
or can we predict from last year itr form and change figures and then show it in current balance sheet.
A B Kundu
(Professional)
(1422 Points)
Replied 13 December 2018
Balance Sheet as on a particular date depicts the financial position of the Person on that date which must be true from all aspects. If you use imaginary figures to prepare the same, leave the statutory departments, you on your own will not understand the true picture of your business. And, further if you fail to substantiate your imaginary figures in front of any departments, you will be penalised accordingly. So, it's always recommended to prepare balance sheet with actual figures. You can put imaginary figures for a particular expense only when you don't have any documents/vouchers/records with you for the same and that too you have to put on the basis of systematic guess.
Recent Topics
- Share office desk in bkc, near family court
- 80D claim for payment paid by parent
- TDS on purchase of Flat under subvention scheme be
- Nznxnc call me at the end of the day of the
- Nsje snswk fjw ed le ene djff ne enje ejdd rejje
- Hxjcif the day I have been in touch with me and
- Iska djd djrbdsjebshe sir ur rei ejr reinr the jr
- GST registration for medical shop in Karnataka
- Hsshs me know if you are free number of the
- Chu Kang and the situation of the situation and I
Related Threads
CAclubindia
