Filing of Balance sheet along with ITR 4 form
This query is : Resolved
pankaj ajmera
(Querist)
21 July 2011
My income from Business & Profession is Rs 119000/- i.e below Rs 1.2 Lacs & income from interest is 4 Lacs . Whether i am required to furnish Balance sheet in the ITR form no 4
if my income is below Rs 1.2 lacs (Section 44AA (2)?
Please advise
Pankaj Ajmera
if my income is below Rs 1.2 lacs (Section 44AA (2)?
Please advise
Pankaj Ajmera
U S Sharma
(Expert)
21 July 2011
use form ITR 4s
CA PARAS BAFNA
(Expert)
21 July 2011
If you follow the expert's advise , you will not require to give full details of balance sheet. Only particulars of 4 items - Debtors, Creditors, Stock and Cash are required to be shown.
.
Your profit should not be less than 8% of the gross Turnover. If it is more than ok.
.
In case profit is less than 8% and you do not want to get your accounts audited, you can claim it up to 8%. However, if you show profit less than 8% of the turnover or Gross turnover is exceeding Rs 60.00 lacs , Tax- audit will be compulsory.
.
Your profit should not be less than 8% of the gross Turnover. If it is more than ok.
.
In case profit is less than 8% and you do not want to get your accounts audited, you can claim it up to 8%. However, if you show profit less than 8% of the turnover or Gross turnover is exceeding Rs 60.00 lacs , Tax- audit will be compulsory.
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