Filing of it return
This query is : Resolved
11 November 2014
Sir,
if a person having income from Commission Rs. 250,000/-(Compulsory maintain of accounts) & also doing Retail Business(u/s 44AD), can he file his Return of Income in foll manner?
Prepare Profit & Loss Account & Balance Sheet only of Commission Business
&
Add profit u/s 44AD for retail business, under Capital Account
Kindly guide me.
if a person having income from Commission Rs. 250,000/-(Compulsory maintain of accounts) & also doing Retail Business(u/s 44AD), can he file his Return of Income in foll manner?
Prepare Profit & Loss Account & Balance Sheet only of Commission Business
&
Add profit u/s 44AD for retail business, under Capital Account
Kindly guide me.
Nikhil Kaushik
(Expert)
11 November 2014
no. 44AD profit is to be shown in the P&L only. refer the "BP" sheet of ITR4
11 November 2014
Thanks,
It means even though we are preparing Profit & Loss acoount for commission Business, we can add Seperatly Profit u/s 44AD to the Total income.
Kindly provide me ur suggestion.
It means even though we are preparing Profit & Loss acoount for commission Business, we can add Seperatly Profit u/s 44AD to the Total income.
Kindly provide me ur suggestion.
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