Is sec 44ad required b/s?
This query is : Resolved
PANDIAN BRIGHT
(Querist)
24 January 2018
Sir,
My Client Doing wholesale Medicine Business and his Turnover is Rs.12,00,000 only. During the Financial year,he received Gift from father Rs.33,00,000. My query is Whether he eligible for Sec 44AD? if YES means Does he Required to prepare P&L and Balance sheet? Please guide how to handle this transactions?
Thanking You
My Client Doing wholesale Medicine Business and his Turnover is Rs.12,00,000 only. During the Financial year,he received Gift from father Rs.33,00,000. My query is Whether he eligible for Sec 44AD? if YES means Does he Required to prepare P&L and Balance sheet? Please guide how to handle this transactions?
Thanking You
24 January 2018
Gift is not turnover, hence no balance sheet and profit and loss is required.
PANDIAN BRIGHT
(Querist)
24 January 2018
Thank you Very Much Sir...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Working on Gold wastage during Melting of old gold jewellery
- Royalty payments to the Mining Department for procurement of murum - GST input
- Section 269ST applicability for capital introduced by partner to his partnership firm
- Intimation under section 245
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
