A PARTNERSHIP FIRM HAVE A TRUCK FOR SUPPLY OF GOODS TO THEIR PARTIES. AND ALSO TRUCK IS USED FOR SUPPLY GOODS OF OTHERS AND RECEIVE FREIGHT. HOW CAN FREIGHT TO BE DEAL IN ACCOUNTS
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Accounts
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partnership firm liable to maintain accounts u/s 44aa if income from business profession exceeds 1,20,000 & gross receipts exceeds 10,00,000 if it is newly setup firm. so maintain full details of receipts & expenses related to truck.
it does not deal in transport buisness
Dear
Freigh which is incurred by Truck of Firms , should be take in other incomes in profit n loss and will be taxed as per income from other sources
Received Freight also Income the to the Firm.
You will maintain under Income for this freight
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