Urgent help for revised returns.

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This query is : Resolved

Suraj Singh (Querist)

07 December 2011 I have some doubts regarding REVISED Returns of ITR-4. It is a NO ACCOUNT CASE.

1) Can i change the amount of Sundry Debtors, Sundry Creditors & CASH BALANCE in my revised returns.
(Part A-BS, No.6)
(Have entered wrong details in Original Return)

2) Is Bank balance also included in "Amount of total cash balance".

3) What will be the nature of business in case of TRADING in Futures & Options (Equity). Is it necessary to mention Gross Receipts in such case.

4) What other detail needs to be mentioned in case of Business Income from Trading in F&O.

Hope all my queries will get solved.
Thanking all of you in advance.

Plz help me ASAP.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

07 December 2011 1. In case changes being made by you in the revised return can be justified , then only change.
2. Bank Balance is not included in Cash.
3. In Case of F&O Business the nature of business can be defined as trading -Others.
No need to mention Gross Receipts in this case.
4. You may raise specific query in other matters.

Message likes : 1 times

Suraj Singh

Suraj Singh (Querist)

07 December 2011 Thank yous so much sir for your reply.

In my original returns i entered wrong Amount of cash in hand, should i correct it in revised returns.

Is it necessary to mention debtors, creditors & cash amount in No Account Case in ITR-4.
In my office few mention it & few dont. Need help on this.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

07 December 2011 Without knowing the facts of case it is difficult to answer for any body.

However, if the things can be brought on track in the subsequent year, then one should not play with the figures as it creates suspicion in the minds of Revenue.

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