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Ashique Jayan
What if the business asset is not added in balance sheet and then renovated the building in future, what steps to be taken to add the renovated building in balance sheet
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Please contact CA Ganesh Kakani +91-9420683637
CA Rakshit Jain 13 Nov 2021If there is any asset which is not added to the balance sheet then you can add the same is the immediate next balance sheet. The accounting will credit the capital account and debit the asset. Hence it will be a rectifying entry for the mistake of the past. However you should assess all the assets at once and thereafter pass a single entry to add all the assets which were skipped in the past returns.
For more you can anytime contact me at 9587334442.
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Sameer
Can we form an LLP company and get people's money as loan or investments and use the same accordingly.
As per my knowledge there is nowhere specific prohibition on the taking loan (unsecured ad well as secured) by the LLP concern, so yes you can taken loans but what is the basic intent of taking a loan? Is it like you want to run a NBFC or for the business purpose?
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Avinash
Can partnership firm be converted to individual firm .
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Bijendra
I want to save the income tax. I had already invested 1.5 lakhs under 80c but not declared with my employer. Can I declare it now? Also I want to claim for hra also but do not have any rent agreement. I am thinking to claim for 96k through hra where i am assuming there is no need of rent agreement? Please suggest if I can declare tmy investments now with my current employer and I can claim for HRA also without producing rent agreement
Please contact CA Ganesh Kakani +91-9420683637 caganeshkakani@gmail.com
CA Roomi Gupta 8 Nov 2021You can declare investment u/s 80C and can claim HRA subject to some conditions . For more info contact at 9216216819 or www.tarunguptaca.com
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Pratik
If my joining date is in October and the financial year will end in the month of March 31 and during this period if my income is less than 5 lakh. Do I need to pay tax. Even if my CTC is 6LPA
No you dont need to pay income tax. But you need to file your Income Tax Return. Please contact caganeshkakani@gmail.com 91-9420683637
CA Roomi Gupta 8 Nov 2021Income for the whole year from Ist april to 31st Mar will be considered for tax calculation and ITR filing. For professional consultancy plz contact at 9216216819 or visit www.tarunguptaca.com
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