prince verma (audit trainee) 08 November 2019
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. ?.
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Kapadia Pravin 08 November 2019
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 .