16 March 2009
A client has the degree of Architect but don't have the license for the same. He is started his own business in the location, Chandigarh. Now he is not maintaining any books of accounts. 1) I am confused to start from where. 2) His income is below Rs 2lacs. 3) Not maintained in P&L and B/S. 4) Head's of income shown is: Under the head of Consultancy & Contract. 5) TDS was charged under the head of consultancy and contractor. Can anyone tell me how to go with it.
16 March 2009
Dear Mannu, First u segregate the incomes and expenses. Take the expenses to proper head like Books and periodicals, Printing stationery, Rent, Salary and other Misc. Considered the income from the receipt voucher if he has something. Refer to his bank statement . Considered all deposits and payments from bank statement. With this u can prepare P&L Accoutn . For Balance sheet u consider the assets if any and liability and if any capital introduced. calculate the profit and based on that pay tax. Any further clarification let me know.
CAclubindia
