Presumptive income

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TARIQUE RIZVI (Querist)
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09 July 2018 While filing presumptive income u/s 44 ad or 44 ada the itr-4 is asking us to fill the total balance sheet which is not logical. When the books are not being maintained how can we make balance sheet. One one side the income tax department is asking us to file on non-account case and simultaneously on other side the income tax department is asking the assessee in ITR-4 to fill the total balance sheet. It is not possible unless and until books are maintained. Please pass your comments on my views. I shall be highly obliged to u.

RAJA P M

RAJA P M (Expert)
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09 July 2018 ITD not asking it's mandatory in ITR 4. This is rules based on presumptive taxation scheme... Now, Logical views without law; 1. Cash : The assesee must have any of money in his hand... Am I right? 2. Bank : Assessee can feed after collecting statement from banks. No more risk... Am I right? 3. Credi/Deb-tors list can be create in case it is not a Cash transaction on 31st March... As per query my reply is simple... Without balances then feed 0...

RAJA P M

RAJA P M (Expert)
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