Filing of balance sheet and profit and loss
This query is : Resolved
CA Raj Doshi
(Querist)
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
Is it Assessee based ( Individual,HUF, Company etc) or Return form based ( ITR 1,2,3,4,5 etc ).Thanks in Advance
Nikhil Kaushik
(Expert)
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
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
(Querist)
27 March 2014
ITR 1,2,3,4S - Not required
ITR 4,5,6,7 - Required
Is this right ?
ITR 4,5,6,7 - Required
Is this right ?
Nikhil Kaushik
(Expert)
27 March 2014
not required in 7...six yes it is required...4/5 depends on turnover..
CA Raj Doshi
(Querist)
01 April 2014
Can you elaborate on the turnover limits and also quote relevant sections if any.
Nikhil Kaushik
(Expert)
01 April 2014
Read section 44aa 44ab. Also section 11/12. For forms refer rule 12
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