itr 4

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rohit (Querist)
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27 August 2009 how to file itr 4 for a person having two business & to whom tax audit is applicable.
whose balance sheet is to be entered and whose tax audit is to be submitted.

Navin

Navin (Expert)
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27 August 2009 For a proprietor there would be one balance sheet as whole incorporating all his assets and liabilities used for both the businesses. Also you can prepare a combines profit & loss account

rohit

rohit (Querist)
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27 August 2009 But while filing the itr 4 for the person if i would file the consolidated balance sheet of both his firm, how would i file the detail of tax audit of both the firms, quantitative details and others.

Maninder Jain

Maninder Jain (Expert)
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28 August 2009 He is having both options. (1) To consolidate both business P & l and B/s and get audited the books (2) To get audited the separate books. But with return attach both tax audit.

However for applicability of sec 44AB, both business turnover would have to be clubbed. You just cant avoid Tax audit by opening two properitership firm

rohit

rohit (Querist)
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28 August 2009 i want to ask while e-filing itr 4 how would i submit quantitative details of both the firm in just a sigle form.

CA Vanesh Nadar

CA Vanesh Nadar (Expert)
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29 August 2009 Prepare an Consolidated Financial Statement and input the same.

It is normally prepared, please check the process done in the previous year also.

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