Related to 44ad and business and profession
This query is : Resolved
29 June 2013
If a assesse show his income in itr4s @ 8% and in the books of account lower than 8% in book . So what are the consequences. 2query. If a person having business of battries and he is having tution income also. So we are shows that tution income in other source head or not
29 June 2013
If you credit the Capital Account by such lower profit amount , though showing income ITR @ 8%, then department will have no objection.
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It is advisable to manage the Books of Account accordingly.
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It is advisable to manage the Books of Account accordingly.
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29 June 2013
Tuition Income can also be included with the Business of Batteries and profit can be shown at a higher percentage.
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In case the person is professionally qualified like BE or Diploma Holder, he should show it as his professional income rather than showing as IFOS.
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In case the person is professionally qualified like BE or Diploma Holder, he should show it as his professional income rather than showing as IFOS.
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