Individual Businessman Income tax Calculation

by Srinivasan
(Chennai)

I am an individual businessman. My nature of business is interior decorators, painting & aluminium fabrications on contract basis. The problem is all advance payment has been collected in individual name and not in my business name. Whether this would affect my individual return, if so clarify me.

Reply from M/s.V.Krishnan & Co.:

So long as you are an individual assessee and you carry on the business in your individual status, there could be no problem in having received advance payment in the Individual name and not in business name, where however, there needs to be proper accounting of the transactions in the books of the business.