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Tax filing for multiple business

Amish Maknojia (Student) (507 Points)

15 February 2022

Suppose I have Normal business profit of 1 cr

& F&O loss is 1 cr ...how to show both businesses and will it affect ratios?

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4 Replies

Eswar Reddy S (CFO- at NHTF) (58270 Points)
Replied 15 February 2022

You can declare income under two categories,

Income from business 1

Income from business 2

If this is not available in your software then you can prepare one excel & declare the business profit as zero if set of is allowed

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Amish Maknojia (Student) (507 Points)
Replied 15 February 2022

Where to report that excel?

Eswar Reddy S (CFO- at NHTF) (58270 Points)
Replied 15 February 2022

You can prepare it for your future reference

debora M (BUSINESS DEVELOPMENT MANAGER) (1697 Points)
Replied 15 February 2022

You can only file your personal and business taxes separately if your company it is a corporation, according to the IRS. A corporation is a business that's seen as an entity separate from its owner(s) that pays its own tax. Corporations file their taxes using Form 1120.