shekhar ahuja (Accounts Officer) (42 Points)
06 June 2011Can we show a single assesse earning professional income as well as business income.. then how would be impact of Sec 44 AA. e.g. professional income Rs. 1,40,000/- and business income is Rs. 1,18,000/- then, whether we need not to make accounts as Sec 44 AA not applies... nd morever how to show in ITR-4??? kya dono ka p&l club hoga??
Deepesh Khatri
(CA)
(167 Points)
Replied 06 June 2011
Sec 44AA shall apply to the assessee since it aggregates income from business and income from profession.
If business and profession are carried out separately, mention them separately in the ITR-4. But the consolidated Profit and Loss A/c and Balance Sheet will have to be prepared for the ITR-4. This is because the financial statements will relate to the assessee and not the business/or profession.
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