Preparation of final accounts
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 July 2015
sir/madam,
if a person is engaged in two business one in fabrication works and second in scrap business.Fabrication business is reg for vat ,scrap businesss is not registered.
Please inform me (1) whether income or expenditure is prepared for such types business or manufacturing and P&L account is prepared?
(2) Scrap business income is shown in cr side of manufacturing a/c or it is credited to p&l a/c.
(3)whether such types of business fall under civil contractors while filing incometax retns?
(4)whether scrap business can be shown along with fabrication business to arrive at gross profit? Plz inform me.
if a person is engaged in two business one in fabrication works and second in scrap business.Fabrication business is reg for vat ,scrap businesss is not registered.
Please inform me (1) whether income or expenditure is prepared for such types business or manufacturing and P&L account is prepared?
(2) Scrap business income is shown in cr side of manufacturing a/c or it is credited to p&l a/c.
(3)whether such types of business fall under civil contractors while filing incometax retns?
(4)whether scrap business can be shown along with fabrication business to arrive at gross profit? Plz inform me.
13 July 2015
1 If you are not paying any central excise prepare P&L account.
2 Credit it to P&L.
3 No.
4 It is left to your option, it can be shown provided the entire scrap is generated out of fabrication.
2 Credit it to P&L.
3 No.
4 It is left to your option, it can be shown provided the entire scrap is generated out of fabrication.
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13 July 2015
PL Account is mandatory
credit will go to P/L ac
no Civil contract
credit will go to P/L ac
no Civil contract
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Querist : Anonymous
Querist :
Anonymous
(Querist)
14 July 2015
Can you please inform me under which category Fabrication contractors and scrap business comes ,while filing incometax returns.
14 July 2015
If your turnover of both the business is less than 1 crore you can opt for Presumptive taxation u/s 44AD.
Both will be treated as business income.
Both will be treated as business income.
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14 July 2015
These are to be treated as business income
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