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FAQ

How do I fill out ITR 2, for capital profit/loss?
You can do Income Tax Return Filing in ITR-2 if you are an Individual or HUF having:Income from items in ITR 1 which is more than Rs. 50 lakhIncome from capital gainsForeign IncomeAgricultural Income more than Rs. 5,000Income from Business or Profession under a Partnership firmLegalraasta provides all the legal business services online. You can apply for ITR filing by going to their site.Hope it will help.Thanks
Need Help on Pnl: How to make profit and loss statement?
The main objective is to determine the company's profitability. Whether you are a lemonade stand or a billion dollar company, you likely have revenues and expenses. The profit and loss sheet lumps each revenue stream into a category. For example, product sales, advertising sales, and subscriptions might all be valid sources of revenue for a company, and the profit and loss sheet would pran accounting for the amount of revenue generated from each of those sources over a predetermined period of time, typically month by month over the trailing twelve months. The process is generally the same for expenses, and aside from a few small nuances, once you've got a full accounting of revenue and expenses, you'll be able to define profitibility. If you want more inforomation, you can check out this comprehensive guide I recently wrote: How to Create a Profit and Loss Statement + Free Profit & Loss Template
How useful is a profit and loss statement to different stakeholders?
Anyone who cares about the continued existence of a business should want to regularly review both the Profit or Loss statement and the Balance Sheet. One is not enough. The P/L will tell you if the business is making or losing money. The balance sheet will tell you if the business has enough cash to continue operating.For example, you have a business that deals with a small number of very large orders. With minimal expense you’ve just landed a huge sale that will make your business profitable for the next 12 months. Your Proft or Loss statement looks great. Unfortunately, you won’t be paid for that sale for 6 months and according to your Balance Sheet, you’ll have long since run out of cash by then.This is why stakeholders should be looking at both. And of course, they will also need to know what credit the business has available to it to cover the gaps for exactly the kind of circumstance I described above.
How do you file for taxes if you were an employee then became self-employed within the same year? Do you fill out the w2 and 1099?
The W-2 form is one of the most frequently used forms by taxpayers. Taxpayers also know it by another definition • the Wage and Tax Statement. This document is filled by an employer for their employees. Being quite short in size, the form is still very informative and extremely important for taxpayers as the data it contains is used to complete tax return forms.W-2 Form: Fillable & Printable IRS Template Online | PDFfillerThe self-employed person or freelancer should complete the W-9 form correctly, as it includes details, used to fill out 1099-MISC. The minimal sum, necessary for reporting with this sample is $600. The facilities and job, the companies do for you annually are not reported with this sample, as in the majority of cases they are less than six hundred dollars.Form 1099-MISC: Fillable & Printable IRS Template Online | PDFfiller
What do I do when the prior years• profit and loss statements were not closed out to retained earnings?
You have one of two options, which depend upon the magnitude of the error and a judgement call.If you are well into the current year and discover an immaterial error, I would just flush it through the current year and not disrupt the prior year.You could charge it to a non-operating expense type called “Prior Year Adjustment,” so that current period is not diluted in a non-obvious way.If the adjustment is material, you may have to re-open the books last year, book the adjusting journal entry, then re-rolled your new beginning balances (for the current calendar or fiscal year) forward. Whether you choose to do this is a senior financial management decision (CFO).If you’re a publicly-traded company in the US, you’ll have to file an amendment to your 10-K filing (10-K/A) and file amendments to any already-filed state and federal income tax returns. It’s kind a big deal, unpleasant and a whole lot of work.
How can I apply for a home loan? Where can I get home loans?
Hello,I need more information to answer this which will be useful for you. In this case, i will take my example and explain the process.I contacted builder based on his advertisement for flat availability. When i liked the flat and agreed on final price. I asked him, which are those banks who are providing loans for your property.He listed out the banks and individuals contacts. I compared the rate of interest and pre-payment charges. Along with this, i wanted to wrap-up the process in less than 2 week.Based on my discussion, i chose the bank. They send their representative to my company and i handed over all the papers which they need. Once i visited their premises physically. Rest of the things taken care by their people only.Do some online research before approaching any bank. Keep your preferences straight and work accordingly. FYI - SBI is best but intially they can take time and documentation can be pain. In long term, this will pay.
How do I get the details of profit and loss statements for a demat account?
A demat account is just for holding the dematerialised equity shares, NSC, bonds and even mutual fund units. It acts just like a bank locker.For knowing the details of profit and loss for the financial instruments you've traded in, you can request a transaction statement from the broker with whom you hold a trading account.
To find out the value of a business• assets, would the owner look at cash flow statement, balance sheet, profit and loss account, all of these?
Not exactly sure what you mean by this question - the value of business assets are listed at a Balance Sheet level, but to find out the value of the business assets you would need to examine the original purchase price (from the purchase receipts) minus any depreciation that has already been deducted from the asset’s value.If these figures are not available, then you will need to employ the services of a Quantity Surveyor to examine and calculate the current depreciated value of the assets.I hope this helps.
How is it possible for partners to share a loss if the income statement shows a net profit?
Partnership losses are governed by Subchapter K of the IRC. It would not be possible to share a loss amongst partners if the partnership shows a net profit.It should be noted that the bottom line income or loss is sometimes incorrectly referred to as partnership taxable income. Although it is never totaled for reporting purposes, partnership taxable income is the sum of the separately stated items plus the bottom line income. Therefore, partnership taxable income is often substantially greater than partnership ordinary income.Shalom aleichem.
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