Dear Friends,
Because I have a recently formed sole proprietorship I have been directed to complete an ITR 4. The business is relatively new so there are no 'regular' accounts that are kept. My questions are around how to capture different sources of income and blend in relevant personal expenses.
there are two sources of income:
1. Income directly to the sole proprietorship using the Svc tax no. My PAN is connected to this sole proprietorship. This income stream is more recent for about 4 months in the financial year.
2. A previous income stream paid directly to me using my PAN, from which TDS has been cut.
My questions are:
a) Where do I show these two income streams in the ITR4 especially since I am using only the bottom since 'regular' books are not yet maintained for the financial year in question.
b) Can I account for significant personal expenses such as childrens school fees? if so, where on an ITR 4?
...or do I just need to use the relevant fields in the sections for 'regular' books? The few lines set aside for 'non regular' books dont appear to leave much room for such details.
Thank you friends for your kind assistance,
CAclubindia
