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Tailoring income

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Querist : Anonymous

Querist : Anonymous (Querist)

27 April 2013 Hai one of my client wants to go for an housing loan and the bank manager is asking for the IT Return with income statement, in which format shall i prepare his statement?

PALASH

PALASH (Expert)

27 April 2013 OK, NO PROBLEM, BECAUSE, HERE IN THIS CASE, INCOME STATEMENT MEANS, THAT, YOU HAVE TO PREPARE , A PROFIT & LOSS A/C ( i.e, INCOME & EXPENDITURE A/C ) IN WHICH YOU HAVE TO SHOW ON THE CREDIT SIDE AS " GROSS INCOME RECEIVED FROM TAILORING JOB " & ON THE DEBIT SIDE VARIOUS KIND OF EXPENDITURES ARE REQUIRE TO BE SHOWN LIKE, SUNDRY MATERIALS, SALARY, ELECTRIC CHARGES, TELEPHONE & SO ONNNNNN & AS USUAL , A BALANCE SHEET IS REQUIRE FOR ALL KINDS OF ASSETS & LIABILITIES & AT LAST , A STATEMENT OF COMPUTATION OF TAXABLE INCOME AS USUAL...

Thank You,
PALASH RAKSHIT.

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