Itr iv-professional income-a/c books not to maintain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2014 Experts pl.help -
1.Professional Income below Rs. 150000 thus no books of accounts required to maintain.
2.Other income _ i.Interest on unsecured loan
2.LIP matured
3. Redemption of M Funds.

3. In BS col.No. 6-Drs.Crs NIL
col.6 d Amt of cash balance ? does it mean total asset side value or only cash in hand and in bank ? If only cash balance then what is the meaning of balance sheet ?

4. P&L a/c is required or only column No. 53 No account case col. No. 53 will serve the purpose ?

sir, I shall be thankfull to you for your early response.
Thanking you in the meantime
Yours,
Subhash Chandra Sharma

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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07 August 2014 1. the limit is 1,20,000 for mainataining books u/s 44AA
only cash in hand n bank bal

Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2014 Thanks Tushar sampat.
Then how the balance sheet can be filed.? Is there no need to give B/S figures ?
I am confused.

The ITR is filed only to get Refund of TDS on interest on FDRS with banks otherwise there is no need.

Pl. clear

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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07 August 2014 they ask specifically for every item of bal sheet like secured loan , unsecured, fixed asstes in itr itself.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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08 August 2014 actually it will depend on the profession. Where the profession is covered under 44AA(1), you need to maintain books as per rule 6F regardless of income or turnover

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