Query about balance sheet.
This query is : Resolved
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.
26 July 2023
Whether F& O income is also declared under presumptive assessment?
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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?
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.
Hope the F&O turnover is calculated based on absolute values.
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.
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.
26 July 2023
Thank you sir! In that case is it being required to maintain books of account for Presumptive business or not.
26 July 2023
Yes, books of accounts are to be maintained for both the businesses.
26 July 2023
Thank you sir for your nice and prompt reply.
26 July 2023
You are welcome.
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