Income from more than one business

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 July 2011 Dear All

I want to ask that if a person has income from more than one business i.e income from retail business of medical store as well as income from tution fees. How he will declare this income in Sugam Form in P/L Column. also his books are not required to be kept. He is falling under provisions of Sec 44 AD. Kindly advice??? Its urgent

Ravikant

Ravikant (Expert)
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24 July 2011 SHOW TOTAL INCOME FROM BOTH BUSINESS IN ITR 4S

Querist : Anonymous

Querist : Anonymous (Querist)

24 July 2011 Thanx fr the reply..but I wanna knw how should he show it in gross receipts and gross profit column...if he is declaring income us 44ad den is he required to maintain books of accounts...i will be obliged if u cn reply...thnx

Ravikant

Ravikant (Expert)
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25 July 2011 In ITR 4S: Under Section 44 AD mention total gross receipts and under it 8% of gross receipts,
No need to maintain books

Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2011 thanx Mr Ravi Kant for replying me. i have taken gross receipt of the Medical store us 44ad and showed net profit @8%.But income from tution fees is seperate and not under provision of 44ad.hence in ITRs i have shown in p&l total receipts i.e receipts of medical store and tution fees. Out of the Total net profit, income us 44ad is seperately shown and rest is seperate. In simple words tution fees is fully taxable and incom from medical store is us 44ad. Sir if i cn have ur no. i can explain to u properly so that u can guide me accordingly. Your concern will be appreciable. Thanx

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