Cash Query

274 views 6 replies
Previously I was filling only ITR 1 for Salary Income

But this F.Y. 2017-18 it need to file ITR 4 because of Professional Income 44AA Along with Salary Income

So, I need to disclose my Cash Balance in ITR Mandatory

Can you please suggest what amount should I disclose??
Replies (6)
yes you can file ITR4, your salary income should be filled under salary head but your professional income should be filled under Sec 44ADA and offer at least 50% of your Turnover should be your Profit and pay tax accordingly .. 

but one thing you should remember before you offer your income under Presumptive scheme.. If you show your professional income under Presumptive Taxation for current year then Next 4 A.Ys you must file ITR4 and show 50% of your turnover as Income...if u fails to file ITR 4 then Tax audit u/s 44AB and maintenance of books of accounts u/s 44AA will come in to force 

Regarding Cash balance.. show at least some amount and no rules is there for minimum balance maintainanece ..

U can file ITR 4, presumtive taxation.

But once u opt out from presumtive taxation, U cannot file ur return uinder presumtive taxation scheme for the next five years.

This does not mean u need to go for tax audit. U can file ITR 3 without tax audit giving all the particulars,and disclosing profit 50% of your receipts.

SHOW A REASONABLE AMOUNT IN CASH COLUMN AS IT IS MANDATORY. ALSO FILL CREDITOR, DEBTOR AND STOCK COLUMN. IN THESE COLUMN YOU CAN FILL ZERO.

OTHERWISE YOUR RETURN WILL BE DEFECTIVE

If Next year I don't have income under 44ADA then?

This Year I have professional Income 44ADA therefore filling ITR 4 if this Income is not there next year then what is the consequences?

please suggest the way

No need to file ITR 4

Not Restrictions in Opting In and out in 44ADA?


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