Non account case in itr 4 of huf

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abhishek bag (Querist)

23 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) & 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/-

Amol S Joglekar

Amol S Joglekar (Expert)

23 August 2015 53a put 200,000
53b put 120,000...(Sales - purchases)
53c put 30,000 being expenses

Tell me if you have any other problem in this regard.?

abhishek bag

abhishek bag (Querist)

23 August 2015 Dear Amol S Joglekar Sir,

Then net profit (item no. 53d) will be Rs. 90,000/- and same will be transferred to the SCHEDULE BP as "Profit before Tax as per P&L A/c". But in SCHEDULE BP there is option to deduct House Property Income, Salary Income, Capital Gain and Other Souces' Income from "Profit before Tax as per P&L A/c" in order to compute "INCOME FROM BUSINESS/ PROFESSION." So how do I treat these income if I put only sales income in Gross Receipts/ Gross Profit.??

Amol S Joglekar

Amol S Joglekar (Expert)

24 August 2015 Please try to understand the difference between "NO ACCOUNT CASE" and the "Account Case"
Please dont get confused with these columns.
Show other sources under the sheet other sources, house property under house property and business under business.

abhishek bag

abhishek bag (Querist)

24 August 2015 Dear Amol S Jogelkar 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.

Amol S Joglekar

Amol S Joglekar (Expert)

24 August 2015 You are most welcome.

Tell me if you have any other query.

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