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Requirement of balance sheet

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 July 2016 Is it mandatory to prepare a Balance Sheet if ITR-4 is filed?
(Profit & Loss account is maintained)
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Querist : Anonymous

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Querist : Anonymous (Querist)
21 July 2016 Yes..
Only where an assessee filing ITR-1 (SAHAJ) is not required to prepare a Balance Sheet, in all other cases the same is to be prepared.
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Aashok Kumar Sharma online

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Aashok Kumar Sharma online (Expert)
22 July 2025 Yes, it is mandatory to prepare a Balance Sheet if you're filing ITR-4 (for businesses and professionals). Here's the breakdown:

ITR-1 (SAHAJ): Balance Sheet is not required because it's for individuals with simple income sources like salary, pension, interest, etc.

ITR-4: Since ITR-4 is for individuals, Hindu Undivided Families (HUFs), and firms (other than LLP) who are income taxpayers under the presumptive taxation scheme (Section 44AD, 44ADA, or 44AE), a Balance Sheet is mandatory, even if you're filing the return based on a presumptive scheme.

Even if you maintain only the Profit & Loss Account, you need to prepare the Balance Sheet as part of the filing requirements under ITR-4.
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