Itr

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 July 2013 IS it necessary to fill balance sheet in ITR-4 if an assessee have professional Receipts?

An assessee have an Income of 1 crore from salary & Other sources.

But he has only Rs.20,000 income from professional receipts.

I think i should go with ITR-4 only as professional receipts are there.

Is he suppose to fill balance sheet in ITR return?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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04 July 2013 If the main source is salary income, alternatively you can file ITR showing the receipt of Rs 20000/- as income from other sources.

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Querist : Anonymous

Querist : Anonymous (Querist)

04 July 2013 But in form26 AS it is showing u/s 194J the how can we show that as Income from Other sources sir?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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04 July 2013 Since income from profession is not your main source of income you can show it as income from other sources. You will be saved from hassles of filing ITR 4.

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