Business Income

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Devendra (Querist)
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14 July 2010 When does the assessee have to show his Profit & Loss Account and Balance Sheet in his/her return? (Income Limit)?

Akhil Agrawal

Akhil Agrawal (Expert)
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15 July 2010 if he is not covered under the Presumptive Taxation then i think in return he has to show that he is maintaing Books of Accounts & thus Show BS & PL

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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15 July 2010 IF HE IS LIABLE TO MAINTAIN REGULAR BOOKS OF ACCOUNTS, THEN HE HAS TO SHOW PROFIT & LOSS & BALANCE SHEET .

THE SAME WORD USED IN ITR 4, YOU CAN CROSS VERIFY IT.
IF HE IS NOT LIABLE , THEN ONLY HE HAS TO GIVE FIGURE OF TOTAL DEBTORS, TOTAL STOCK IN HAND, TOTAL CREDITORS,TOTAL CASH IN HAND ONLY.

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