The shortcut is section 44ad, the amount shown in sales tax return is sufficient or amt deposited in bank a/c is also sufficient
CA Kumar Mukesh
(CA CMA FINAL and Advance Excel Trainer)
(6881 Points)
Replied 10 December 2012
The shortcut is section 44ad, the amount shown in sales tax return is sufficient or amt deposited in bank a/c is also sufficient
satish kumar voleti
(A.C.A., (ICWAI))
(1686 Points)
Replied 10 December 2012
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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