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Aadhi

44 AD ( Business income)...
is balance sheet mandatory for this AY 2018/19 in financial particulars details column
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Amlan Dutta
It was mandatory all years and very simple to fill ... check my tutorial on how to fill financial particulars for ITR 4 in latest AY 2018 19.....
  • 21 hours ago
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Aadhi

44ADA ( Profession)...
1) can we take deductions under sec 80c if we declare income under 44 ADA 50% of gross receipts
2) is 44 ADA be taken only if income is upto threshold of 2.5lacs ( not exceeding 2.5 lacs ) while declaring 50% of gross receipts i.e max 500000 Rs
thanks in advance
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Amlan Dutta
1. These are two different things and should not be connected .... presumptive sections is for presuming income head for profession ( 44ada) / business ( 44ad)whereas deduction sections under 80 refer to savings AVIALABLE to all individuals whether they have income from profession/business or any ...
  • 21 hours ago
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Charanjit singh jassal

Preparing Balance sheet...
When we file itr 4 for small business say beauty parlour. How to fill information of balance sheet as such like businesses do not maintain books and simply calculate income as 6% or 8% whatever the case may be relating
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Amlan Dutta
You need to take help of a accountant who shall do it for you ..for financial reporting , know one major principle of business accounting ...

Equity +liability = Assets
The sum total of equity and liability therefore represents all money and it must therefore be balances by assets (including cash in ...
You need to take help of a accountant who shall do it for you ..for financial reporting , know one major principle of business accounting ...<br /><br />Equity +liability = Assets <br />The sum total of equity and liability therefore represents all money and it must therefore be balances by assets (including cash in hand or bank balances if whole money is not been utilised yet for buying assets)<br /><br />And, this is strictly with regard to business and not member's non business capitali.e i have invested money in buying a Television - it is not to be considered ..i have invested money(100 rs...my own money - equity ) in buying a printer(asset) for the business ...it is to be considered <br /><br />So, in this regard members own capital means own capital put in business (say 100 Rs )..this represents the equity portion <br /><br />The subsequent portion that you see in the balance sheet is all liability i.e funds employed in business, loans taken for business (secured/unsecured)<br />The earlier example of 100 Rs can be a Axis bank loan used for buying a printer(just for example)...so in balance sheet the equity balances the asset<br /><br />Likewise any advances taken for the business (business has to pay it back so liability)<br /><br />Likewise, amounts for sundry creditor (person who has given any goods on credit i.e you can repay them later )<br /><br />Any other liabilities is in terms of any other money the business owes someone<br />So , this all will sum up to equity plus liability <br /><br />This must therefore equal assets <br />(Fixed assets , inventories , sundry debtors , balance with bank , cash in hand , loans and advances receivable<br /><br />This entries are made in ledger for any business ( done online through tally) and finally the output is in form of income statement and balance sheet <br />Financial statements of the business refer to the balance sheet <br /><br />I cannot make ledger etc for you but you must initially try taking help from someone who would help you make this for you (Check attached picture )<br /><br />I will make a Youtube tutorial for you ( Keep watching my channel)
  • May 16, 2018
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Sudarshan patidar

Presumptive taxation...
Hello Amlan,
I have a practical problem regarding RTO AGENT. MY TURNOVER receipt around 1.2 crore in bank account which is deposit by my clients and i paid it to govrnment RTO office for vehicle registration charges for behalf of my clients. I take my fees for this activies ...
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Amlan Dutta
Am assuming the following.......................
AY 2018 19 - Non senior resident individual
This is not anyways a eligible business...
  • May 15, 2018
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Sudarshan patidar

44 AD ( Business income)...
Dear sir, i have a query about that if i have 2 bussines.1st business for medical store and second for electricity equipment shop.

Now if i file my return under sec 44AD then what should i take my gross turnover it should aggrigate of both business or single in itr 4

And what is position of debetor ...
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Amlan Dutta
Turnover of both business is to be considered while computing gross turnover and accordingly you shall have to declare minimum 8 5 of such turnover as presumptive income Debtor mean...
Turnover of both business is to be considered while computing gross turnover and accordingly you shall have to declare minimum 8 5 of such turnover as presumptive income                                                                                                                        Debtor means any recievables and creditor means any one the business has to pay                                                                            Again this is for both businesses and not each business ........ There is no provision to do it for each business anyways .....
  • May 11, 2018
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Mohit

44ADA ( Profession)...
Providing web site development services by individuals fall under which section 44ad or 44 Ada, but as per 26 as TDS deducted us 194 j? Please clear my doubt in choosing section
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Amlan Dutta
Section 194 J stands for TDS on professional services at the rate of 10 % . Clearly therefore, this is income from profession which was anyways also clear when you mentioned the nature of income on which TDS was deducted ! You will therefore use 44 ADA (AY 2018 19 ) which is for professionals and p...
  • April 27, 2018
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NIRAJ SINGH

44 AD ( Business income)...
My friend Ram is a Qualified B.Tech Engineer running a Coaching Center, where class 1 to 10 students can take classes. His total fee collection (i.e., Gross Turnover Or Gross Receipts) is Rs 20lakh
In which section he can show his income--44ADA Or 44AD?
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Amlan Dutta
Running a coaching centre is a business ...so he is clearly required to use section 44AD and not 44ADA( which is for professionals) ...i guess that is anyways better for him because now he can show presumptive income at 8 % which section 44AD allows rather than the ginatly 50 % required by 44ADA for...
  • April 27, 2018
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