Business Income
This query is : Resolved
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
(Expert)
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
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.
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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