Income tax
This query is : Resolved
05 March 2013
If income is arising from medical consultancy & also from selling medicine then Income & expenditure a/c is created or trading & P&l A/c is created?
05 March 2013
For medical consultancy it is professional so have to prepare Income & expenditure a/c and for selling of medicines it is business so has to prepare Profit and loss a/c.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
05 March 2013
Both Income & expenditure and Trading & P&L is required?
05 March 2013
Yes, for medical consultancy required I&E and Sale Medicines required P&L because consultancy is professional and sale of medicines is Trading.
And in the view of income tax for the purpose of tax audit professional and business has different turnover individually so for the purpose you have to prepare I&E for the transaction related to medical consultancy and P&L related to Sale of medicines transactions because of at the time filing of your return of income then you have to disclose both separately as individual business/profession.
OM SAI SRI SAI JAI JAI SAI
And in the view of income tax for the purpose of tax audit professional and business has different turnover individually so for the purpose you have to prepare I&E for the transaction related to medical consultancy and P&L related to Sale of medicines transactions because of at the time filing of your return of income then you have to disclose both separately as individual business/profession.
OM SAI SRI SAI JAI JAI SAI
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