Regarding income tax return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 August 2016 Hello

I have filed ITR-4 showing Income of Rs 1.80 lacs from business.But I have showed that under the heading "No books have been maintained by assesse".I had not filled the Profit and loss account and balance sheet.Now i got the notice from CPC,bangalore stating that since I have filed ITR-4, I should completely fill the details of Profit and Loss account and balance sheet.Now what should I do ?

I cannot revise the return as i have not filled the original return within the due date. Kindly help me out what should i do ?

Thanks

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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12 August 2016 You can revise the defective return based on the notice received.

Querist : Anonymous

Querist : Anonymous (Querist)

12 August 2016 how can i fill the details of Profit & loss and balance sheet ??
I have no record at all.
And further in the notice it is stated that i cannot change any detail provided in the earlier ITR.
They just want me to fill P & L And Balance sheet and for that i have no records.Pls help

Thanks

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
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20 July 2025 This is a common issue when filing ITR-4 with "No books maintained" option but the system expects profit & loss and balance sheet details.

What you can do:
Filing a Revised Return:
Even if the original return was filed after due date, you can file a revised return under Section 139(5), as there is no explicit restriction on revising late-filed returns.
In the revised return, you can fill profit & loss and balance sheet details, but since you have no records, you can fill approximate or nominal values based on the income you reported.
You must ensure that the P&L and balance sheet figures are consistent with the income you declared.
Filing a Response to the Notice (CPC):
When the Income Tax Department sends such a notice, it usually expects you to provide the missing information.
You can file a response explaining that you have not maintained books, and the profit & loss and balance sheet details are nominal, aligning with the income declared.
Alternatively, you can file a revised return with minimal required details filled.
Filling Profit & Loss and Balance Sheet when no books are maintained:
Since you declared income under presumptive taxation (assuming you used the “No books maintained” scheme), the tax department still requires minimal details.
For balance sheet, you can fill opening and closing stock as zero if applicable, and similarly for other heads.
For P&L, you can reflect your declared income and minimal expenses.
Consult a Tax Professional:
If unsure about what exact figures to put, a CA can help prepare nominal accounts consistent with your declared income.
Key Takeaway:
You should file a revised return to fill the missing P&L and balance sheet details or respond to the notice with an explanation and nominal figures consistent with your declared income to avoid penalties.

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