Return for business income & prof. income
This query is : Resolved
10 May 2014
I have a bussiness Income & Professional Income .I would like to show Business income as presumtive basis .My professional Income approx.300000/-. Whether I have to fill the P/L & Balance sheet for the prof. Income or not.Another point is whether Balance Sheet to be prepared for only proff.Income or consolidated. pls. suggest.
11 May 2014
you need to prepare the profit & loss A/c and Balance-sheet only for the professional Income. For the presumptive profit under 44AD you need to mention the same in "BP" sheet under "profits and gains of business deemed to be under"
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