Can we show a single assesse earning professional income as well as business income.. then how would be impact of Sec 44 AA. e.g. professional income Rs. 1,40,000/- and business income is Rs. 1,18,000/- then, whether we need not to make accounts as Sec 44 AA not applies... nd morever how to show in ITR-4??? kya dono ka p&l club hoga??
Menu
44 AA
Replies (1)
Sec 44AA shall apply to the assessee since it aggregates income from business and income from profession.
If business and profession are carried out separately, mention them separately in the ITR-4. But the consolidated Profit and Loss A/c and Balance Sheet will have to be prepared for the ITR-4. This is because the financial statements will relate to the assessee and not the business/or profession.
Recent Topics :
- FAST DS 2026 query
- Consultation
- E-way notices for FY 22-23
- Gst file not created
- Regarding 3CEB query
- Omitted E-Commerce Sales Reported in Table 14 but
- Omitted sales shown in GSTR-1 Table 14 but not in
- EWAY BILL TAKE OUT OF OTHER COMPAMY
- Penalty & late fee for late ITR filing
- Business discontinued as Government took possessio
Related Topics :
CAclubindia
