bueaty parlour

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Can file 44ad as 4s return for above?
Can we show pur/sales/stock in PL ? Or
Purchase of cosmetics must be as expenses ?
Replies (7)

When you file ITR4 under presumptive scheme ....... no need to provide all such details.......

Bueaty parlour 4s return as 44ad BS & PL as under is it right ?
Trading account....
Opening stock... 45910
Purchase............145410
Gross receipt/sales.... 520230
Closing stock............... 48250
Gross profit............377150
Less expenses...
Salary.. 48000
Light bill.. 12540
Advert........8420
Travel........4510
Mobile.......2560
Other........12210
Net profite... 288910

Or...

Gross receipt.... 520230
Less expenses
As above.... 88240
Purchase cosmetics exp. 143080
Net profit..... 288910

Above both method but which is proper for buety parlour?

And in balance stock show " 0" or cosmetic stock for use in parlour ?

Thanks

In ITR 4 no such details are require...

  DETAILS OF INCOME FROM BUSINESS OR PROFESSION
COMPUTATION OF PRESUMPTIVE INCOME UNDER 44AD
E1 Gross Turnover or Gross Receipts  
(a) Through a/c payee cheque or a/c payee bank draft or bank electronic clearing system received before specified date    
(b) Any other mode 520230
E2 Presumptive Income under section 44AD  
(a) 6% of E1(a)  
(b) 8% of E1(b) 288910
(c) Total (a + b) 288910
Note : If Income is less than the above percentage  
COMPUTATION OF PRESUMPTIVE INCOME UNDER 44ADA (PROFESSION)
E3 Gross Receipts   
E4 Presumptive Income under section 44ADA (>=50% of E3)   
NOTE—If Income is less than 50% of Gross Receipts,
COMPUTATION OF PRESUMPTIVE INCOME UNDER 44AE
E5 PRESUMPTIVE INCOME FROM GOODS CARRIAGE UNDER SECTION 44AE  0
Note : If the profits are lower than prescribed under S.44AE
E6 Salary and interest paid to the partners   
Note– This is to be filled up only by firms
E7 Presumptive Income u/s 44AE (E5-E6) 0
E8 Income chargeable under Business & Profession (under section 44AD, 44ADA and 44AE)(E2c+E4+E7) 288910
If we file ITR 3 then which method aplly from above ?

Why you want to file ITR 3?

We have to submit PL & BS with IT RETURN for our client for loan purposes so I want to know sir....

No need to file ITR3 for that, unless demanded by banker. You can submit financial statements separately.


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