Preparation of balance sheet & itr

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nitin gupta (Querist)
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27 March 2015 Repected Sir,
I wanted to know that how to prepare balance sheet and ITR of a doctor who has income from wholesale of medicine (Business income) as well as income from consultancy fee from patients (professional income).
Plz give a format of B/S.

Thanking You.

CA. SHIVA SHANKARA R. SHETTY

CA. SHIVA SHANKARA R. SHETTY (Expert)
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27 March 2015 He has to prepare separate accounts for business as well as professional income. Business accounts prepared on accrual basis and professional account shall be prepared on cash basis.

There is no separate format of financials for doctors. You can use normal format of balance sheet and p&L Account. You can show 'Income from sale of medicine' and 'Income from professional fee' separately.

You have to file ITR-4, which you can download from income tax website or https://www.ssrshetty.co.in/income-tax.html

nitin gupta

nitin gupta (Querist)
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27 March 2015 Sir,
If ITR may prepare in no account case then how do I proceed ?

CA. SHIVA SHANKARA R. SHETTY

CA. SHIVA SHANKARA R. SHETTY (Expert)
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27 March 2015 For business and professional assesses, e-filing of ITR is mandatory. You can register your client pan in Income tax Website. Then you can upload the same.

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