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?
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.
06 August 2011
capital investment in pharmacy in set off on consolidation of accounts.
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