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??
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 ..
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