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PANKAJ SHUKLA

Category : Clarific..,
Solved
May 16, 2018 11:18 pm
  • Clarification over income head
Dear Sir,
In my salary SBI account there is auto sweep facility. Here is some of the amount is auto transfered in this account (sweep account) and interest is credited. My question is that interest on sweep account is taxable or not? How and where to show saving account interest and sw...
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Amlan Dutta
This is treated as saving interest ( taxable)income iand to be shown in income from other sources ( infact remember that any taxable interest income is always to be offered as income under head ' income from other sources only '.....
  • May 17, 2018
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Hema Latha

Category : Taxation..,
Solved
May 16, 2018 9:08 pm
  • Taxation of Mutual Funds
Hi Amlan Ji,

Can you please make a video on How to add income from the redemption of Mutual fund units. For this can we use ITR-1?

Suppose I have redeemed an amount of Rs. 120000/-,which I invested in mutual funds through SIP, which gave me an amount of Rs. 190000/-. That is I got Rs. 70000/- as incom...
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Amlan Dutta
You have not mentioned whether the SIP is into a Equity or non equity Mutual fund . If it is equity mutual fund , again the SIP redemption is very different from a normal equity mutual fund This is owing to the periodic investment nature of SIP'...
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  • May 17, 2018
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Charanjit singh jassal

Category : Preparin..,
Solved
May 16, 2018 4:00 pm
  • Preparing Balance sheet
When we file itr 4 for small business say beauty parlour. How to fill information of balance sheet as such like businesses do not maintain books and simply calculate income as 6% or 8% whatever the case may be relating
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Amlan Dutta
You need to take help of a accountant who shall do it for you ..for financial reporting , know one major principle of business accounting ...

Equity +liability = Assets
The sum total of equity and liability therefore represents all money and it must therefore be balances by assets (including cash in ...
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You need to take help of a accountant who shall do it for you ..for financial reporting , know one major principle of business accounting ...<br /><br />Equity +liability = Assets <br />The sum total of equity and liability therefore represents all money and it must therefore be balances by assets (including cash in hand or bank balances if whole money is not been utilised yet for buying assets)<br /><br />And, this is strictly with regard to business and not member's non business capitali.e i have invested money in buying a Television - it is not to be considered ..i have invested money(100 rs...my own money - equity ) in buying a printer(asset) for the business ...it is to be considered <br /><br />So, in this regard members own capital means own capital put in business (say 100 Rs )..this represents the equity portion <br /><br />The subsequent portion that you see in the balance sheet is all liability i.e funds employed in business, loans taken for business (secured/unsecured)<br />The earlier example of 100 Rs can be a Axis bank loan used for buying a printer(just for example)...so in balance sheet the equity balances the asset<br /><br />Likewise any advances taken for the business (business has to pay it back so liability)<br /><br />Likewise, amounts for sundry creditor (person who has given any goods on credit i.e you can repay them later )<br /><br />Any other liabilities is in terms of any other money the business owes someone<br />So , this all will sum up to equity plus liability <br /><br />This must therefore equal assets <br />(Fixed assets , inventories , sundry debtors , balance with bank , cash in hand , loans and advances receivable<br /><br />This entries are made in ledger for any business ( done online through tally) and finally the output is in form of income statement and balance sheet <br />Financial statements of the business refer to the balance sheet <br /><br />I cannot make ledger etc for you but you must initially try taking help from someone who would help you make this for you (Check attached picture )<br /><br />I will make a Youtube tutorial for you ( Keep watching my channel)
  • May 16, 2018
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chiranjib konwar

Category : Time per..,
Solved
May 16, 2018 2:19 pm
  • Time period for belated return
SIR, Can I fill A.Y 2017-18 return now? Is the department calculate the penalty for late filing of return? I have not filed any return in previous years.
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Amlan Dutta
No, you can't. Basically, Section 139 stipulates time period for filing of returns i.e section 139(1) for due period , 139(4) for belated period for late returns ....Now, you cannot use section 139(4) now anymore since belated period of filing for financial year 2016 -17 i.e Assessment year 2017...
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  • May 16, 2018
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