How to make tax

Querist : Anonymous (Querist) 11 December 2011 This query is : Resolved
How income is to be calculated from the business of 1) Dairy Farming 2) Catering?

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Raj Kumar Makkad (Expert) 11 December 2011
You should visit www.caclubindia.com for the satisfaction of your query.

Sailesh Kumar Shah (Expert) 11 December 2011
rightly guided.

Guest (Expert) 11 December 2011
www.caclubindia.com is the right site from where you can get amply satisfactory reply from Chartered Accountants or the students for CA and CWA.

Sanjeev (Expert) 11 December 2011
You would need to maintain proper books of accounts booking all the receipts and costs from such business and the Profits can be derived at the end of the year by drawing the Profit and loss account.

Presumptive taxation is not applicable to these business so no other option other than drawing proper accounts.

Devajyoti Barman (Expert) 11 December 2011
Yes but Mr Sanjjev seems to have different opinion about the query.

prabhakar singh (Expert) 11 December 2011
And those"proper a/c books" are a daily book called "journal"for each of the transaction made either as purchase or sale,then their ledger,then profit and loss a/c and balance sheet togather with bills and memos vouchers etc.
You are advised to consult a local tax law consultants,he can only guide you personally
about how to do???not public forums.

Raj Kumar Makkad (Expert) 11 December 2011
Sanjeev has given his views but basic query still remains unanswered.

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