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Deepesh Jain (Querist)
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12 June 2009 A client does a buisness of job work
he has certain machines
he pays rent to wife for using the premises
she bought the premises by sale of her jewellary
he does nt maintain books of account
he has 800rs p.m expense of eating pan[bettle leaves]
how can i file his return
he does nt know the year of purchase of certain asset
he pays 10thousand rent

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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13 June 2009 Step 1 : Prepare a statement of income based on his available records and details provided by him.

Step 2 : Preapare a statement of expenditure.

Step 3 : Prepare his bank account if he maintains.

Step 4 : Prepare profit and loss account from the above details including rent as expenditure.

Step 5 : Prepare statement of affairs based on balances as on 31st march.

Wife :

Prepare statement of affairs showing rent as income received under capital account and building as asset and value of jewellery sold as opening capital and difference being put into personal assets.