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Vishal

Preparing Balance sheet...
How should any cashback, on any expense be treated, while preparing your balance sheet? Ex: cashback which comes into your paytm wallet.Should it be adjusted in drawings in capital a/c or in cash in hand under balance sheet or as income ??
If income under which head?
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Amlan Dutta
Say i pay using HDFC credit card 100 rs for a ticket and get 30 rs cashback on account of using HDFC , then this 30 rs enters my account and is available as cash ...so , as per my interpretation it should be cash in hand ...no question of drawing from capital a/c ...we are not withdrawing the 30 rs ...
  • 19 hours ago
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rohit

44 AD ( Business income)...
i file itr 4 (44ad) in last 2 year FY 2015 - 2016 and 2016 to 2017 INCOME FROM capital gains as business income THIS YEAR i have only long term capital gain on shares all income Exemptions under section 10(38) on Long-Term Capital Gains ..and there is no other income such as Professional Income,...
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Amlan Dutta
Yes, you surely can file ITR 2 ...if all you have is exempt LTCG , then even ITR 1 can be used ....as you are already aware that once you decide to discontinue presumptive filing then you cannot use that for 5 years ...
  • July 25, 2018
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AVIJIT

44 AD ( Business income)...
Hallo Amlan, thanks for the knowledge you are sharing for the common people.I myself file my return and your videos helped me a lot.
This year I have income from salary, have STCG, a very little profit of Rs 746 from intraday equity trading and a loss of Rs 1360 from commodity futures trading. My tu...
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Faheem Akram

Preparing Balance sheet...
While filing ITR3 ? What will be kept in mind to avoid tax audit?
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Amlan Dutta
Audits fall under section 44AB .......You can check eligibility criteria ......Audit is required mandatorily for business or profession when turnover exceed the specified limits and also when one declares income lesser than presumptive levels i.e 8% of gross receipts for business and 50% of gross re...
  • July 21, 2018
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Lokesh Jangid

44 AD ( Business income)...
Sir I don't get my questions answer so i post it again plz reply me .I received money from my friend as a loan through online transfer.So While Filing ITR U/S 44AD It will be considered as a gross receipt or I can show that money as a Unsecured loan(What is the treatment whether it is used for perso...
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Amlan Dutta
If loan has been taken for business , then it can be shown as unsecured loan for business ....but in 44ad where is the need for all these ....which return are you filing ...if ITR 4 , then the financials required are very basic in nature ......
  • July 15, 2018
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Lokesh Jangid

44 AD ( Business income)...
I received money from my friend as a loan through online transfer.So While Filing ITR U/S 44AD It will be considered as a gross receipt or I can show that money as a Unsecured loan
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AYUSH
Hello lokesh let me know the application of unsecured loan as in you have used for personal purposes or for business purposes.
  • July 14, 2018
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Debkanta Paul

44 AD ( Business income)...
Sir if someone has business income & capital gain he can not file ITR 4 but if he wants to get benefit of u/s 44AD then can he file ITR3 .
My question --1) is there any provision for Presumptive scheme for ITR3 ??( I can see in schedule BP of ITR3 in item no 35i )
Please clarify on the Presumtive s...
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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.....
  • May 22, 2018
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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

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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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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