Hi All,
Until 2010 I was a salaried employee, and therefore was filing ITR based on Form 16. Since 2011-13, I have been working as a freelance writer. I understand that I will have to file returns using ITR 4 (business or profession), however, since it’s all new to me, I was looking for some answers from the experts here.
I will have to file for AY 2012-13 as well as for AY 2013-14.
My question is, if I am liable to maintain accounts u/s 44aa, but not required for audit u/s 44ab, is it necessary for me to fill out the optional items in ITR 4, where regular books of accounts are not maintained?
Example, in the BS and PL pages, items 1 to 5 and 1 to 50, respectively are optional in case accounts are not maintained. I have not maintained any formal accounts other than my savings account statements (digital copy). Also, I don't think items in the ITR 4 form like “Proprietor’s Fund”, “Loan Fund”, etc. are applicable to me.
In short, if I come under 44aa, can I still go ahead and directly fill in item 6 for BS and item 51 for PL? Also not sure if I need to fill Part A – Other Information and Quantitative Details.
Any help would be much appreciated.
Thanks.
CAclubindia
