Dear experts,
please guide me. m
My client doing profession of hobbies classes and last year taken huge unsecured loan for marriage purpose and huge withdraw for tuition fees paid of his son. So his capital balance show in asset side. So please tell me how to show capital figures in Itr-4. and negative capital balance is acceptable in it act. I am filling itr under presumptive scheme sec 44ADA
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proprietor capital in balance sheet show in asset side
Replies (5)
Are you adjusting the unsecured loan in capital A/c. if yes don't do that. increase liability for that..... if capital is in negative by short amount like 1-2 lac. show that he has introduced fresh capital
Thanks for reply Sir
Some unsecured loan (Liability) taken for tuition fees paid of his son. it is possible to adjusted against negative capital.
Some unsecured loan (Liability) taken for tuition fees paid of his son. it is possible to adjusted against negative capital.
Yes. excess drawings more than capital also leads the capital to come in asset side or negative amount in liability side also possible
capital is in negative before above adjustments?
yes capital is negative before above adjustments
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