Accounting treatment
This query is : Resolved
05 August 2011
i request u please solve this
an individual profession as a doctor she get gross receipts 13,00,000/- and from medical pharmacy 560000
we considered as tax audit
we shown investment of medical pharmacy in professional balancesheet of her.
while consolidated the balancesheet the capital investment is set off or not?
an individual profession as a doctor she get gross receipts 13,00,000/- and from medical pharmacy 560000
we considered as tax audit
we shown investment of medical pharmacy in professional balancesheet of her.
while consolidated the balancesheet the capital investment is set off or not?
CA Aditya Goel
(Expert)
06 August 2011
In my opinion
Gross receipts from profession are 13 lakhs which is below the limit of tax audit (15 lakhs)
Gross receipts from medical pharmacy is a Business and not profession and gross receipts are less than 60 lakhs thus tax audit is not applicable and section 44AD shall be applicable.
both the receipts are of different nature.
13 lakhs is professional income and 5.6 lakhs is busines income thus they cant be clubbed together to check the limit of tax audit. they need to be considered separately.
Gross receipts from profession are 13 lakhs which is below the limit of tax audit (15 lakhs)
Gross receipts from medical pharmacy is a Business and not profession and gross receipts are less than 60 lakhs thus tax audit is not applicable and section 44AD shall be applicable.
both the receipts are of different nature.
13 lakhs is professional income and 5.6 lakhs is busines income thus they cant be clubbed together to check the limit of tax audit. they need to be considered separately.
CA. Anoop Gadia
(Expert)
06 August 2011
capital investment in pharmacy in set off on consolidation of accounts.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Issuing of delivery challan by seller of goods
- EPF ECR NEW RULES Sep 17th 2026
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Taxation of crypto futures in India Fy 2026- 2027
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
