Categories
Pagination Scroll
Charanjit singh jassal

The form no.16 issued by the bank is defective. Neither total pension paid during financial year has been mentioned corrective nor the deductions have been mentioned. Pl guide what to do when bank does not agree to amend form 16. However bank has deducted TDS correctly after taking into account perm...
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
I beleive that you are employed in the bank and are talking of salary income w.r.t bank ( in case of interest income , bank will give form 16 A )....you can fill the deductions as applicable to your case i.e take benefit of the deductions at actuals while filing the return ...you will be likely to ...
  • June 29, 2018
  • ·
  • Like
Charanjit singh jassal

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
  • Show Placeholder
  • Hide Discussion
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 ...
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
  • ·
  • Like
  • ·
  • Select as Answer
Charanjit singh jassal

If house hold lady is doing beauty parlour or running boutique or doing tution work can file ITR 1 by showing income under other sources
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
If none of these are are on regular basis and done on random basis , then yes you can declare it as other sources but if the activity is done on a regular basis from which the income is derived , then you need to show it as income from business only ...also note , that if the services etc cross th...
  • April 26, 2018
  • ·
  • Like
  • ·
  • Select as Answer