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irfan (Querist)
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24 August 2011 i want to file itr-4 and last year balacesheet is not available.then hw i can file itr-4 for current year.i rcv one answer that make opening balance sheet.but by this our new balancesheet data and data as per i.t. department is mismatch.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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24 August 2011 Will you elaborate, about the IT department data and your data which are not matching.
.

It may happen in case of WDV of Fixed Assets as for One Asset different rates of depreciation might have been used. Say in Books you are providing Dep @ 10% and the
Rate as per IT may be 15%.
.

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irfan

irfan (Querist)
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24 August 2011 thanks sir but my problem is that i have no last year balance sheet.n i want to file itr-4.then hw i make balancesheet for current year.i get reply in ca club that u make opening balance sheet.is it rgt??

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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24 August 2011 Note down the assets existing on the last day of the preceding FY.

Say

Residential House 450000
Loans & Advances 25000
Cash at Bank 45350
Debtors 24350
Cash (Approx) 20000

The Total will Represent Liability (Capital +Creditors +Loans Taken)

Make suitable changes while finalising current years balance sheet.

You can change asset provided correspondingly you adjust liability accordingly in the Opening Balance Sheet.

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irfan

irfan (Querist)
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24 August 2011 sir actualy i prepared last year balance sheet without maintaining books of a/c. and it prepared in excel sheet.so now i have no any record.then now what i do???thanks paras sir.please solve my this prob.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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25 August 2011 You follow the same balance sheet.
.
If the situation demands minor changes, adopt them by incorporating in the balance sheet drawn.
.
Why balance sheets are prepared ?
To go ahead in the next year with the balances which have been shown there.
.
Think that,
had you maintained accounts in the past, what will be the balance sheet?
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Where you require changes, do the same by utilising your own intelligence in the - without books balance sheet- prepared by you.
.
Also check the results after incorporating transactions of current year, whether the story at present is the same as exists?

AAJ KI HAQEEQAT BAYAN HO JAYE....
BADLNA PADE CHAHE TAWARIKH (ITIHAS).

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irfan

irfan (Querist)
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25 August 2011 waaaaaaah paras sir.thanks a lot

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