Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

Schedule P&L has been enlarged to seek more information

In new ITR forms, in place of existing Part A P and L, following new Parts have been


a) Manufacturing Account

b) Trading Account

c) Profit and Loss Account

Thus, if assessee is engaged in manufacturing activities then he shall be required to arrive at cost of goods sold through manufacturing account, gross profit through trading account and net profit through profit and loss account. Manufacturing account is not meant for service providers and traders. Hence, they can start directly from trading account.

This will impact [ITR 3, 5, 6]


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