banner_ad

Profit and loss in case of 2 businesses

Tax queries 300 views 7 replies

Hello,

One of my client has income from 1 business( Loss from F&O Trading) and 1 profession.

For profession he is opting presumptive taxation u/s 44ADA.

So can i fill normal profit and loss account for business and No account case for income u/s 44ADA?

or i have to fill only profit and loss account for both business and profession?

Please guide me.

Thank You.

Replies (7)

"Can i fill normal profit and loss account for business and No account case for income u/s 44ADA?"

YES.
 

Thank you Sir.

you would most probably end up getting a 139(9) notice. So tread cautiously

we have already received notice u/s 139(9).

so now we don't know how to handle this thing. 

i have uploaded updated X M L with P&L account and No account case.

ill update here once i received any reply from deptt.

Your boss doesn't know how to file the return?

Hello All,

I have received intimation u/s 143(1) and deptt has aproved refund.

Thanks for your help...

It proves that CPC has accepted normal P&L account declaration of F&O business with 44ADA declaration for professional income.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details