A person was providing consulatancy services earlier. Later he joined some company and is receiving salary from such company. But after joining the company also he is providing such consultancy service.
Now, If such salaried person also involves in providing consultancy services, then, I think, the salary income to be considered under "Income from Salary" head and the consultancy fee received to be considered as "Income from PGBP" and accordingly the Profilt & Loss A/c as well as Balance Sheet to be prepared for the PGBP Income.
You are requested to state whether I am correct? If you want to suggest or add something else, please do the same.
Thank you.
CAclubindia
