The shortcut is section 44ad, the amount shown in sales tax return is sufficient or amt deposited in bank a/c is also sufficient
Help needed!!!!
Page no : 2
satish kumar voleti
(A.C.A., (ICWAI))
(1686 Points)
Replied 10 December 2012
First check the 26AS whether any turn over is booked in his... if there is some turnover match the bank receipts with that turnover and if the bank receipts are excess then take the bank receipts as base ... ensure you declare atleast 8% of total income on the turnover... fill respective col. of p&L and BS in ITR - 4 since the assessee is the propreitor... fill col no. 6 No accounts case in Balance sheet and col. 51 no accounts case in p&l accounts and fill all the other required information such tds, tax paid and any other income...
shiva
(shankar.ican@gmail.com)
(355 Points)
Replied 10 December 2012
read sec44AB .u can clarify the query
Vikas Gupta
(Tax Executive)
(530 Points)
Replied 10 December 2012
The business established and run by a sole proprietor is treated as Income earned by an individual and hence there is no need to obtain PAN card for the name of the business concern, It needs the PAN card issued in favour of individual only.
Details of Income, cash in hand and debtors can be found out by bank statements and the cash receipts and payments details.
And CA Abhislasha is absolutely correct.
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