Income tax return query?

This query is : Resolved

thacker (Querist)
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09 March 2015 what is criteria for filing return with no account case
and give details of cash/debtors/creditors and gross income, exps profit
only instead full of b/s p/l

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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09 March 2015 Section 44AD and 44AE are covered under no account case. In section 44AD minimum 8% net profit is to be declared and all expenses are deemed to have been allowed out of the said net profit. Section 44AE is for transport business wherein minimum 7500/- per month is required to be shown as income irrespective of LCV or HCV for AY 2015-16. For AY 2014-15 minimum Rs. 4500/- for LCV and Rs. 5000/- for HCV.

CA.Karan Dawar

CA.Karan Dawar (Expert)
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09 March 2015 Agree with Mr. Abhishek Goyal

md shakil

md shakil (Expert)
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09 March 2015 Mr Thacker wants to know how to fill up the form leaving details in P/L & B/S.

Here to say;

At the end of B/S form Debotors, creditors and cash balances are to be mentioned i.e.

Debtors,creditors, stock and cash(including bank balance)to be taken from B/S and at theend of P/L form you write total income from all sources to be taken from P/L account,gross profit and put expenses between Gross profit in the expenses column.At the end Net Profit as per P/L Account.

thacker

thacker (Querist)
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10 March 2015 Thanks for reply

Can i file return if i not cover u/s 44 AE & 44 AD, my income is commission income,
so can i file return without giving complete b/s p/l details, and giving only, cash/bank,debt,credit , gross income, exps, etc..

CA.Karan Dawar

CA.Karan Dawar (Expert)
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10 March 2015 File ITR-4.
Yes you can file.

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