No account case of itr 4 (2015-16) for huf
This query is : Resolved
24 August 2015
Respected Sir/ Madam,
I face a problem while filling an E-return of ITR 4 (2015-16) of a HUF in “NO ACCOUNT CASE” of Part A- P&L. I am confused about Gross Receipts (item no. 53a), Gross Profit (item no. 53b), Expenses (item no. 53c) and Net Profit (item no. 53d) in “NO ACCOUNT CASE”. If I put value in Gross Receipts, no impact/change is being found in Net profit (item no. 53d) or any other parts. Whenever I put value in Gross Profit & Expenses, Net profit (items no. 53d) is being calculated automatically and same is transferred to “Profit Before Tax as per P&L a/c “of SCHEDULE BP. Also there is a provision to deduct Salary Income, House Property Income, Capital Gain & Other Sources’ income from “Profit Before Tax as per P&L a/c” in order to compute Income from Business/ Profession in SCHEDULE BP. So what should be the Gross receipts & Gross profit in this regard. Please help me & guide me.
I am just giving a small example.
Sales= Rs. 2, 00,000/-,
Income from House Property = Rs. 10,000/-
Income from Other Sources= Rs.90,000/-
Purchase Expenses Rs. 80,000/-
Other Expenses Rs. 30,000/-
I face a problem while filling an E-return of ITR 4 (2015-16) of a HUF in “NO ACCOUNT CASE” of Part A- P&L. I am confused about Gross Receipts (item no. 53a), Gross Profit (item no. 53b), Expenses (item no. 53c) and Net Profit (item no. 53d) in “NO ACCOUNT CASE”. If I put value in Gross Receipts, no impact/change is being found in Net profit (item no. 53d) or any other parts. Whenever I put value in Gross Profit & Expenses, Net profit (items no. 53d) is being calculated automatically and same is transferred to “Profit Before Tax as per P&L a/c “of SCHEDULE BP. Also there is a provision to deduct Salary Income, House Property Income, Capital Gain & Other Sources’ income from “Profit Before Tax as per P&L a/c” in order to compute Income from Business/ Profession in SCHEDULE BP. So what should be the Gross receipts & Gross profit in this regard. Please help me & guide me.
I am just giving a small example.
Sales= Rs. 2, 00,000/-,
Income from House Property = Rs. 10,000/-
Income from Other Sources= Rs.90,000/-
Purchase Expenses Rs. 80,000/-
Other Expenses Rs. 30,000/-
24 August 2015
Enter gross receipts 2.00,000 gross profit 1,20,000 and expenses 30,000 net profit will be 90,000. Enter income from house property and income from other sources in the respective schedules.
24 August 2015
Dear Sir,
Thank you for your guidance. I put income from salary,House property income,Capital Gain, other sources income in Schedule S (for salary), Schedule HP (for house property), Schedule CG (for capital gain), Schedule OS (other source of income). Am I right Sir ?
Thanks once again for your guidance.
Thank you for your guidance. I put income from salary,House property income,Capital Gain, other sources income in Schedule S (for salary), Schedule HP (for house property), Schedule CG (for capital gain), Schedule OS (other source of income). Am I right Sir ?
Thanks once again for your guidance.
24 August 2015
Yes you are right..........
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