BALANCE SHEET REGARDING
This query is : Resolved
28 March 2009
Dear Expert,
My brother is doing business.(DSA for Barclays Bank and ICICI Bank). His comission income is Rs.181230/- after deducting all expenditure. He is maintaing bills for income and expenditure. Last year he has filed only PROFIT AND LOSS ACCOUNT. My question is whether BALANCE SHEET is required to be filed or PROFIT AND LOSS ACCOUNT IS ALONE WILL DO.
PLS REPLY ME
My brother is doing business.(DSA for Barclays Bank and ICICI Bank). His comission income is Rs.181230/- after deducting all expenditure. He is maintaing bills for income and expenditure. Last year he has filed only PROFIT AND LOSS ACCOUNT. My question is whether BALANCE SHEET is required to be filed or PROFIT AND LOSS ACCOUNT IS ALONE WILL DO.
PLS REPLY ME
28 March 2009
Balance Sheet & Profit & Loss Account both are required to be prepared & filed.
29 March 2009
yes
31 March 2009
Books of accounts as per Income Tax Act to be maintained as per section 44AA
abd both PL & BS in Form 4 is to be filed
abd both PL & BS in Form 4 is to be filed
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