20 August 2016
Sir I have to file return of prop of hair saloon . What points I should consider for income generation. What type of exp should be taken? If I consider to file form 4S under presumptive income then p& Loss should be prepared or not? What will be the proof of income and exp.? Pl advise.
20 August 2016
Business income is any income that is realized as a result of business activity. Hair Cutting as well as any service that your Saloon is rendering will fall under the Business Income. Any expenditure incurred for the Business for eg: Rent, Tools of low value, salary payment to staff, pantry items etc you can claim as Business Expenditure.
If you choose to file Form 4S then your turnover should be less than 1 crore. Your Net Income is estimated to be 8% of the gross receipts of your business. You don't have to maintain books of accounts of this business. You don't have to pay Advance Tax for such a business. You are not allowed to deduct any business expenses against the income.
20 August 2016
My client is getting salary and the share in profit from the employer of the saloon, then what can be the income of my client and which form I should file? He is getting salary for Rs22000/- pm and share in profit, I don't know. Can we show his business income which he get as a share in profit? Pl confirm and advise. Regards
CAclubindia
