Query about balance sheet.

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This discussion clarifies balance sheet requirements for individuals with salary, presumptive business, and F&O income. If F&O turnover exceeds audit thresholds (in this case, £5.5 crore), it must be treated as a normal business, requiring financial details for both F&O and presumptive businesses. Maintaining books of accounts is mandatory for both, as presumptive income under a 'no account case' is not an option when audit requirements are met.

UTPAL CHAUDHURI

UTPAL CHAUDHURI (Querist)
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26 July 2023 A person has salary income, one presumptive business income and F&O business income. So what should be shown in balance sheet. Only balance and details of fund related to F&O business or both the business if his turnover is below Audit requirement.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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26 July 2023 Whether F& O income is also declared under presumptive assessment?

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UTPAL CHAUDHURI

UTPAL CHAUDHURI (Querist)
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26 July 2023 Sir thank you for your reply. No turnover of F&O business is 5.5 Crores. So it has to be treated as normal business. Am I correct?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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26 July 2023 Correct. In that case only financial details with respect to both the businesses are required. As he cannot opt for sec. 44AD act.
Hope the F&O turnover is calculated based on absolute values.

UTPAL CHAUDHURI

UTPAL CHAUDHURI (Querist)
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26 July 2023 Thank you Sir for your prompt reply. I have another question. For presumptive business is it required to fill up balance sheet of no account case or showing profit for this business is sufficient.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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26 July 2023 If he was able to declare business under no account case, then that of 'no account case' would have been sufficient; but he is not eligible for that.

UTPAL CHAUDHURI

UTPAL CHAUDHURI (Querist)
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26 July 2023 Thank you sir! In that case is it being required to maintain books of account for Presumptive business or not.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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26 July 2023 Yes, books of accounts are to be maintained for both the businesses.

UTPAL CHAUDHURI

UTPAL CHAUDHURI (Querist)
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26 July 2023 Thank you sir for your nice and prompt reply.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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26 July 2023 You are welcome.