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Fees collections income from for Doctors

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Kollipara Sundaraiah

B.com

3025 Points Posted on 17 December 2020

Sec 44ada provision I.t return filed two individual status doctors transactions maintained jointly single bank current account details mentioned below
1.two doctors professional income some amounts through on online mode received from different patients amounts jointly bank current account
2.two doctors some expenses payment through on online mode in jointly bank account.
question:
.1.two doctors above bank transactions treatment in both books
2.jointly bank account closing balance year ending show in 1st doctor or 2nd doctor in I.t. return

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Quick Summary

This discussion addresses tax return filing for two doctors who maintain a joint bank account for their professional income and expenses. It explores how to correctly report transactions, including online income from patients and joint expense payments, within their individual tax returns. Key questions revolve around the treatment of these joint transactions in both doctors' books and how to declare the year-end closing balance of the joint account.