An individual who is a director in a private company also has eligible business u/s 44AD. So which ITR to be submitted? If such individual is a director of a company, it's not allowed to file under ITR-4. So can one file ITR-3 and show presumptive income? If yes please explain briefly how is it possible..? Thanks.
Menu
ITR for a director of private company
Replies (5)
Quick Summary
Venkataraman
pls elaborste his gross total income.
nature of income.
pls elaborste his gross total income.
nature of income.
Yes a person who is director in any company can not file ITR 4 , one need to file ITR 3 and show his/her income Part A - P& L (Item No. 61)
| Originally posted by : CA ABHAY GUPTA | ||
 |
Yes a person who is director in any company can not file ITR 4 , one need to file ITR 3 and show his/her income Part A - P& L (Item No. 61) |  |
Can one calculate at 8% of his business turnover and show such income directly in item no.61? what about balance sheet? Also where to show sitting fees received for board meeting?PGBP or other sources?
| Originally posted by : sabyasachi mukherjee | ||
|
Venkataramanpls elaborste his gross total income.nature of income. | |
GTI more than 5lakhs after considering 8% income on a turnover of 25 lakhs from eligible business and other sources around 3 lakhs including sitting fees from the private company
Yes you can show 8% of his turnover
balance sheet No Account Case: In a case where regular books of account of business or profession are not maintained –
Amount of total sundry debtors 6a
Amount of total sundry creditors 6b
Amount of total stock-in-trade 6c
Amount of the cash balance
sitting fees to be shown as professional income show it as a revenue in p& l
balance sheet No Account Case: In a case where regular books of account of business or profession are not maintained –
Amount of total sundry debtors 6a
Amount of total sundry creditors 6b
Amount of total stock-in-trade 6c
Amount of the cash balance
sitting fees to be shown as professional income show it as a revenue in p& l
Recent Topics :
- On which amount 200% penalty under section 270A is
- RECEIVED INTIMATION U/S 399 FOR TDS PAYMENT ON PRO
- How do CA firms track SEBI/AMFI circulars and dead
- Jurisdictional validity of Sec 148 notice after fa
- Taxable Income or Not
- GST Input Tax Credit (ITC) on Camera Purchase &
- What makes CA Himanshu Singla different from other
- TAX TREATMENT AND ACCOUNTING ENTRIEOF PERQUISITES
- Gifting money to my father-in-law (my husband's da
- GSTR-1 JSON from marketplace exports (Myntra / Ama
Related Topics :
CAclubindia
