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IT Return - Include Old purchases in assets ?
Posted: Mon Sep 03, 2018 12:34 am
by siddharthr
While filing for return (India), I would like to ask how appropriate it is to include purchases made 2-4 years back in assets column while filing.
Eample: Mobile purchase 3years back, Computer purchased 2 years back etc etc...
IT Return - Include Old purchases in assets ?
Posted: Mon Sep 03, 2018 8:58 am
by post_r2i06
For personal income tax - Assets should include real estate, automobiles(cars, 2wheelers, boats, planes), jewellery(gold, silver, diamond, platinum), paintings(arts),shares, fixed deposits, Life insurance policies.
Computer, mobile, cloths,furniture etc need not be considered.
If you have business - computer, mobile etc are to included in business Balance Sheet along with depreciation.
IT Return - Include Old purchases in assets ?
Posted: Wed Sep 05, 2018 3:05 pm
by siddharthr
post_r2i06;680180For personal income tax - Assets should include real estate, automobiles(cars, 2wheelers, boats, planes), jewellery(gold, silver, diamond, platinum), paintings(arts),shares, fixed deposits, Life insurance policies.
Computer, mobile, cloths,furniture etc need not be considered.
If you have business - computer, mobile etc are to included in business Balance Sheet along with depreciation.
Got it Thx :D