Rent received from shop let-out.
Please help me to give treatment.
Bank A/C Dr
To Rent(profit and loss account) cr
(being received from shop let out)
9 Replies
Mahesh Kapadia
(194 Points)
Replied 03 June 2020
OK sir but can I show like............
Bank A/c Dr.
To proprietor capital A/c
Means my profit and loss account only show my professional income which is directly utilized to show in ITR. Please help me can I do so
Bank A/c Dr.
To proprietor capital A/c
Means my profit and loss account only show my professional income which is directly utilized to show in ITR. Please help me can I do so
shadab shaikh
(133 Points)
Replied 03 June 2020
You Can do it but Rent will be considered as an introduction of capital in your business of professional services
but you need to pay tax on rent under house property
but you need to pay tax on rent under house property
Mahesh Kapadia
(194 Points)
Replied 03 June 2020
OK thanks sir then what is advisable treatment also guide me to adjust bank interest
shadab shaikh
(133 Points)
Replied 03 June 2020
The same way
Bank a/c
To Intrest
Intrest A/c dr
to capital A/c
but make sure you need to pay tax under IFOS
Bank a/c
To Intrest
Intrest A/c dr
to capital A/c
but make sure you need to pay tax under IFOS
Mahesh Kapadia
(194 Points)
Replied 03 June 2020
Thanks a lot sir. But let me know which is advisable
Bank A/C Dr
To Rent(profit and loss account) cr
(being received from shop let out)
Or
Bank A/c Dr.
To proprietor capital A/c
Bank A/C Dr
To Rent(profit and loss account) cr
(being received from shop let out)
Or
Bank A/c Dr.
To proprietor capital A/c
shadab shaikh
(133 Points)
Replied 03 June 2020
See according to me it will be
Bank a/c dr
To capital account
(Narration Being rent received and invested in business)
Bank a/c dr
To capital account
(Narration Being rent received and invested in business)
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