Itr 4

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Umesh V Naig (Querist)
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03 July 2017 senior citizen doing only part time consultancy work and Form 16A is only available should
file ITR V . There is Profit and Loss and Balance sheet must for Business or Professional income
But when uploading in efiling , ITR 4 , there is no scope for entering the P&L and B&S how to tackle this
Though there is B&S it says above Rs 50 laksh revenue should only declare the asset and liabilities ,
how to counter this when efiling is done.
Practical answer is requested. Please try this in efiling website and solute contents

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 July 2017 Enter the consultancy income in P&L and enter the bank balance in balnace sheet and enter the bank balance amount in capita ac. By this you have complied with entering P&L and BS.

Umesh V Naig

Umesh V Naig (Querist)
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06 July 2017 But for ITR 4 if the income is above 50 laksh only Balance , Asset /Liability P & L is mandatory , but my income is less than that . but CPC is passing the order for refund sending msg like wrong filing of return. How to counter.
Your suggestion is very much practical so that we comply with the return condition and CPC computer accepted it. But how the law is respected in CPC module...humble clarification sir

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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06 July 2017 Those having taxable income above 50 lacs has to disclose their assets and liabilities in a separate schedule meant for it. Those having turnover more than 10 lacs not opting for 44AD has to fill P&L and BS. Both are different.

Umesh V Naig

Umesh V Naig (Querist)
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06 July 2017 sir,
my taxable income is less than 5 laksh do i have to upload P&L B &S if so how present efiling does not show the same

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