Income tax return of a pandit

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DHARMENDRA SHARMA (Querist)

09 February 2018 Dear Experts,
I have to file return of a Pandit.He doesn't maintain books of account.My question is :
1) Can i show his income as "Income from other sources"? If yes,will he be able to get housing loan on the basis of this file? I mean banker will consider it.
2) Can a pandit's return be filed under section 44AD or 44ADA?

Thanks in advance

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

09 February 2018 1 Show it as professional income then only the banker consider for housing loan.
2 No, 44AD and 44ADA not applicable for pandit.

DHARMENDRA SHARMA

DHARMENDRA SHARMA (Querist)

09 February 2018 Thank you Mr.Seetharaman ! But as i said he has not maintained any books of account and precisely speaking,Income & expenditure account and balance sheet can't be prepared for a pandit because he has neither much assets used in profession nor much expenditure to show.
What to do in that case?
Thanks in advance.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

09 February 2018 In profit and loss account show only income. In balance sheet show cash/ bank balance under assets side and the same amount show it as capital.
This is enough.

DHARMENDRA SHARMA

DHARMENDRA SHARMA (Querist)

09 February 2018 Ok this sounds good.Thanks a lot.

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