Is sec 44ad required b/s?
This query is : Resolved
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.
24 January 2018
Thank you Very Much Sir...
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