Business Transfer+Other profession
This query is : Resolved
CA Ankit Verma
(Querist)
20 July 2009
I have a case of an assessee where he is actor by profession & in P.Y. 08-09 has also been made charge of a transfered business which was earlier carried out by his father.
Now I want to ask that how do I combine both income from business & profession of acting in a single P&L A/c since for profession we have to prepare Income Expenditure A/c or I will have to prepare separate P&L a/c and I&E A/c and a combined Balance sheet?!
Thank you in advance...
Now I want to ask that how do I combine both income from business & profession of acting in a single P&L A/c since for profession we have to prepare Income Expenditure A/c or I will have to prepare separate P&L a/c and I&E A/c and a combined Balance sheet?!
Thank you in advance...
vinod kumar lalwani
(Expert)
20 July 2009
hi ankit
u will have to preare a seprarate pL for your business and separate incoem and expensaes account for your income form profession as botha re different and that is also benefiacial for your client as he can claim separately more expenses .
bye.
u will have to preare a seprarate pL for your business and separate incoem and expensaes account for your income form profession as botha re different and that is also benefiacial for your client as he can claim separately more expenses .
bye.
CA Ankit Verma
(Querist)
20 July 2009
I also want to know whether any documents have to be submitted while filing the return for proving & continuing the business inherited from the father since this transfer of business is a part of Tax planning ?
& also whether a combined balance sheet and separate P&L A/c and I&E A/c are also to be submitted?
& also whether a combined balance sheet and separate P&L A/c and I&E A/c are also to be submitted?
CA Ankit Verma
(Querist)
20 July 2009
I also want to know whether any documents have to be submitted while filing the return for proving & continuing the business inherited from the father since this transfer of business is a part of Tax planning ?
& also whether a combined balance sheet and separate P&L A/c and I&E A/c are also to be submitted?
& also whether a combined balance sheet and separate P&L A/c and I&E A/c are also to be submitted?
UMA SHANKER SHARDA
(Expert)
20 July 2009
Now a days, no any document need to be filed with return. But these ready to face any quary from department/for scrutiny if any.
UMA SHANKER SHARDA
(Expert)
20 July 2009
Now a days, no any document need to be filed with return. But these ready to face any quary from department/for scrutiny if any.
UMA SHANKER SHARDA
(Expert)
20 July 2009
Now a days, no any document need to be filed with return. But these ready to face any quary from department/for scrutiny if any.
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