Assessee having 2 business:1 in 44ad and other prof. receipt

Suppose an individual assessee is having two businesses: one covered under 44AD (eg. contract business) for which books of accounts are not required whose turnover is 35 lacs and and other (eg. commission income ) or which books of accounts are required whose turnover is 8 lacs,  what to fill as turnover in P&L section in ITR 4?? and what about the expenses?? Can details for "no accounts case" and "accounts maintained" be filled simultaneously for b/s and p&l?? pls reply!!!

Thanks in anticipation

Replies (3)
You need to file itr 4s instead of itr. For business covered under 44ad, select special business (under presumptive taxation) whereas in the same itr provide details for the other business as well. In case of business covered under 44ad, no expense need to be disclosed anywhere. There is no such option in itr 4s for presumptive business of p/l n b/s as u asked..but you may fill details of creditors/debtors balance, cash n stock in hand amounts. For the normal business, you wil require to file b/s n p&l
Originally posted by : Paks_shah
You need to file itr 4s instead of itr. For business covered under 44ad, select special business (under presumptive taxation) whereas in the same itr provide details for the other business as well. In case of business covered under 44ad, no expense need to be disclosed anywhere.
There is no such option in itr 4s for presumptive business of p/l n b/s as u asked..but you may fill details of creditors/debtors balance, cash n stock in hand amounts. For the normal business, you wil require to file b/s n p&l

Dear Paks_shah,

ITR 4S only covers business covered under 44AD and 44AE. It doesn't cover normal business for which books of accounts are required ! so it should be ITR 4 only and not 4S. The question i'm asking is whether P&L, B/S (in ITR4 ) is to be filled for normal business only or for both businesses?

If only normal business's  P&L is to be filled, then where to fill turnover of 44AD business ( so that the A.O. can check the 8% criteria)??

 

 

 

 

 

 

 

 

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