09 February 2018
Dear Experts, I have to file return of a Pandit.He doesn't maintain books of account.My question is : 1) Can i show his income as "Income from other sources"? If yes,will he be able to get housing loan on the basis of this file? I mean banker will consider it. 2) Can a pandit's return be filed under section 44AD or 44ADA?
09 February 2018
Thank you Mr.Seetharaman ! But as i said he has not maintained any books of account and precisely speaking,Income & expenditure account and balance sheet can't be prepared for a pandit because he has neither much assets used in profession nor much expenditure to show. What to do in that case? Thanks in advance.
09 February 2018
In profit and loss account show only income. In balance sheet show cash/ bank balance under assets side and the same amount show it as capital. This is enough.
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