Filing of balance sheet and profit and loss

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CA Raj Doshi (Querist)
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27 March 2014 My question is who all are liable to submit balance sheet and profit and loss account while filing the Income Tax returns ?
Is it Assessee based ( Individual,HUF, Company etc) or Return form based ( ITR 1,2,3,4,5 etc ).Thanks in Advance

Nikhil Kaushik

Nikhil Kaushik (Expert)
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27 March 2014 ITR1/ITR4s/ITR2 no requirement for balancesheet & p&l

same applies to ITR3. ITR4/ITR5 requires balancesheet/P&l depending on turnover (refer 44AA)

ITR4S no need for for balancesheet, P&L etc

CA Raj Doshi

CA Raj Doshi (Querist)
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27 March 2014 ITR 1,2,3,4S - Not required
ITR 4,5,6,7 - Required

Is this right ?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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27 March 2014 not required in 7...six yes it is required...4/5 depends on turnover..

CA Raj Doshi

CA Raj Doshi (Querist)
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01 April 2014 Can you elaborate on the turnover limits and also quote relevant sections if any.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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01 April 2014 Read section 44aa 44ab. Also section 11/12. For forms refer rule 12