ITR 4

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Amit Kumar Agarwal (Querist)

01 September 2009 If a person is carrying on 2 proprietorship business then how would balance sheet & profit and loss portion be filled in ITR -4. Whether amounts of both business are to be added or two different sets of Balance sheets & P/L are to be used? And how 2 different audit reports will be compiled in one return?

CP Ram

CP Ram (Expert)

01 September 2009 Combined profit & loss a/c and balance sheet figure should be filled in ITR-4.

Amit Kumar Agarwal

Amit Kumar Agarwal (Querist)

01 September 2009 Thanks Ramjalwar Ji.
Please clarify about Tax Audit Report portion also.

CP Ram

CP Ram (Expert)

01 September 2009 1) Turnover limit for Tax Audit will be the combined turnover.

2) Both the proprietorship concern will be treated like units.

3) Tax Auditor have to audit both the concerns and give report on the same.

4) Combined P & L a/c, B/s and Capital a/c should be prepared.

5) If the proprietor wishes, he can prepare separate P&L and B/S for both the concern.

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