A PARTNERSHIP FIRM HAVE A TRUCK FOR SUPPLY OF GOODS TO THEIR PARTIES. AND ALSO TRUCK IS USED FOR SUPPLY GOODS OF OTHERS AND RECEIVE FREIGHT. HOW CAN FREIGHT TO BE DEAL IN ACCOUNTS
A PARTNERSHIP FIRM HAVE A TRUCK FOR SUPPLY OF GOODS TO THEIR PARTIES. AND ALSO TRUCK IS USED FOR SUPPLY GOODS OF OTHERS AND RECEIVE FREIGHT. HOW CAN FREIGHT TO BE DEAL IN ACCOUNTS
partnership firm liable to maintain accounts u/s 44aa if income from business profession exceeds 1,20,000 & gross receipts exceeds 10,00,000 if it is newly setup firm. so maintain full details of receipts & expenses related to truck.
it does not deal in transport buisness
Dear
Freigh which is incurred by Truck of Firms , should be take in other incomes in profit n loss and will be taxed as per income from other sources
Received Freight also Income the to the Firm.
You will maintain under Income for this freight
CAclubindia
