Itr 4

This query is : Resolved

Jwalit D Sheth (Querist)
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26 June 2013 Friends
While filing details in form 4 we come across balancesheet part. In the Balacesheet side it is written Proprietors Balancesheet or Business Balancesheet
But I dont maintain my Business balancesheet but I do maintain Personal Balancesheet.
So kindly suggest me what should I do

Rupesh Jain

Rupesh Jain (Expert)
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26 June 2013 IN ITR -4 ONLY FILL BUSINESS B/.S
NOT PERSONAL B/S

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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26 June 2013 ITR 4 has been specifically prescribed for the assessees carrying on PROFESSION or Business not covered U/s 44AD/44AE .
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You do not maintain your business balance sheet still you have to provide the details of Sundry Debtors, Creditors, Stock and Cash inferring that you are carrying on business as you have preferred ITR 4. Further Sales, GP, Expenses and NP details are also required. These all pertain to your business.
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So, providing the personal Balance Sheet details will serve the purpose only when you are incorporating your Business Balance Sheet in the said Balance Sheet. In such a case you may provide the details from your Personal Balance Sheet.
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In other case, you have to provide business data.
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Jwalit D Sheth

Jwalit D Sheth (Querist)
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26 June 2013 Sir
My income source is brokerage and I don have sundry debtors sundry creditors and Cash Balance
So what should I do??
Should I incorporate my personal Balancesheet
or left that part empty and file the return?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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26 June 2013 Do not leave any part empty. Write 0 at
least. In cash Balance column also write
some amount as you must be having at least Re. 1 or more as you are an earning person.
.
Details from personal balance sheet may be given in your case.
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In P&L , you may fill up the long P&L in spite of preferring no books of account case , if your business income exceeds Rs 1.20 lacs.