Filing of Balance sheet along with ITR 4 form
This query is : Resolved
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
21 July 2011
use form ITR 4s
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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