A friend of mine is a Novel writer who earns royalty income of Rs.20 lacs digitally on entering an agreement with a Digital Book publishing company after deducting TDS of 10% U/s 194JA.
The same person is also earning commission receipts of Rs.8lacs on entering an agreement with Logistic Company after deducting TDS of 0.75% U/s 194C.
She is maintaining Bank accounts for both business and profession separately and is not registered under GST for her proprietorship Business.
Do I need to prepare separate Balance sheet for Business and Professional income?
Or Can I prepare two Profit and Loss Statements and a Consolidated Balance sheet for IT Purpose?
Your replies are highly appreciable. Thank you all
CAclubindia
