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Multiple business income tax return


prince verma (audit trainee)     08 November 2019

prince verma
audit trainee 
 2 likes  87 points

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my client has two business both are service oriented.

he took a gst no. of one business which is non specified profession which he filed nil gst return of PY 2018-19. cz he could not start that business for family reasons.

his another business(specified profession) is running but do not have gst no. of that. but he got receipts from that business worth rs. 600000 in PY 2018-19.
my query is, how to file his itr . ??
whether it is correct to file 0 receipts in sec44ad of non specified business and 600000 receipts in sec 44ada and claim profit accordingly. ?.

Ramahari Dash (accountant)     08 November 2019

Ramahari Dash
accountant 
 3 likes  44 points

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Can maintain Books of accounts either not then go and file 44AD under

avater

Kapadia Pravin   08 November 2019

Kapadia Pravin

 915 likes  14283 points

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It's not required to report Nil income or zero Receipts from business not yet started.
-----
It is as usual required to show 6 Lakhs gross receipts under 44ADA and income will be either minimum 50% that is 3 lakhs or actual income whichever is higher.

File ITR immediately with late fee .

avater

RAJA P M ("Do the Right Thing...!!!")     08 November 2019

RAJA P M
"Do the Right Thing...!!!" 
 8293 likes  113461 points

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@ Prince Verma.,

Can You give details of Your business and profession....?

avater

prince verma (audit trainee)     16 November 2019

prince verma
audit trainee 
 2 likes  87 points

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@ RAJA P M
GST reg no. business is advertising activites related and.
another business from which receipts 600000 is teaching profession.


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