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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)

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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