In new ITR forms, in place of existing Part A P and L, following new Parts have been
inserted:
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]
Refer: www.taxmann.com
inserted:
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]
Refer: www.taxmann.com
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