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44ad income tax

NEERAJ (Accountant ) (65 Points)

16 March 2018

Dear Sir

i have a Running Business in the Name of Neeraj Ent. and i want to file my income tax return in 44AD.

i have a current account in the Name of My Prop. Firm

So My Question is this that while Calcutaing my Gross Receipts can i mention my saving bank account Receipts in Gross receipts with Current account Receipts

or i file Only with Calculating my Total Turnover in My Prop. Firm

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160396 Points)
Replied 16 March 2018

" So My Question is this that while Calcutaing my Gross Receipts can i mention my saving bank account Receipts in Gross receipts with Current account Receipts?"

Yes, for any business related receipts in savings account.....

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NEERAJ (Accountant ) (65 Points)
Replied 17 March 2018

Dear Sir

If receipts in my saving account not related to my business so there is no need to calculate these transaction in my gross receipts???

And my second Question is this that if if my gross receipts in my Prop. firm current a/c is 80 lac but my total turnover is 85 lac which amount should i mention gross turnover or gross receipts

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160396 Points)
Replied 17 March 2018

1. Correct.

2. Gross turnover..... (85L)

(Guest)

Yes, if you have different accounts for business, then no need to include savings account receipts.
It means that 5 lac is still recoverable or it is debtors / trade receivables. It all depends on the method of accounting you choose to follow [cash (80 lac) or accrual basis (85 lac)]. If it is the first year, it's your choice or follow the last year policy.

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