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Life is a Race.....CA FINAL (Querist)
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26 July 2011 Respected Experts,

During F.Y. 2010-11 I have following position:

For April & May I have consultancy income..and From June onwards I have salary income.. (During F.Y. 2009-10 I have consultancy income)

So I was preparing my P & L and Balance Sheet.

So For two months i will be allowed to claim expenditure, but from june onwards i will not be.

So my que. is How Balance sheet & p&L A/C should be prepared???

What about my Items in Balance sheet of Secured loan, unsecured loan, Fixed assets?

After june onwards where should I show my expenses in p & l??

What about depreciation?

Which ITR form will be required???

Regards,
Nikunj

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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16 May 2012 1. If you show consultancy income along with salary income from June onwards, then you can claim expenses. In that case you will prepare Balance Sheet & P&L for the whole year. Depreciation will also be allowed for the whole year.

2. If however you show consultancy income for only 2 months, then expenses will be allowed only for 2 months. Balance Sheet & P&L A/c will also be prepared only for 2 months. Depreciation will also be allowed only for 2 months.

3. In both the cases, ITR 4 is to be filed.

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