Doubt in filling details in itr-4 section 44ada

2188 views 8 replies

Hi,

For ITR filing of FY2017-18, I have 2 employers. 

1st employer, I was doing internship and they paid professional fees under section 196J and has given Form16A.

2nd employer paid salary and has provided form16

I am fillling ITR-4 for this, since a part of income is professional fees. In ITR-4 I have added this under section 44ADA with 100% profit, and nature of bussiness as IT enabled services.

I an not able to understand what should be filled into these 4 enteries:

  • Sundry Creditors.
  • Sundry Debtors.
  • Inventories.
  • Cash in Hand.

What should be filled here, If I got normal internship stipend under 194J and 1st employer dedcuted 10% TDS.

Thanks for the help.

 

 

 

Replies (8)
If You are going to file u/s 44ada then You ll fill the above said details...
And If You have those balances then You can fill that balance amount...
Otherwise if You don't have balances then feed just 0...

Thanks for reply.

Can you slightly explain what Sundry Creditors, Sundry Debtors and these entries mean ? 

As you have stated if I do not have any balance, then I can fill 0. What do balance mean in this terms.

Isn't section 44ADA is the correct one to file return for professional income ? or is there any other place.

Originally posted by : Tarun Pamnani

Thanks for reply.

Can you slightly explain what Sundry Creditors, - It's to Suppliers/Inwards

Sundry Debtors - It's to Customers / Outwards

and these entries mean ? - 

As you have stated if I do not have any balance, then I can fill 0. What do balance mean in this terms. -

If You are a consultant (Ex : Auditor / Tax consultant). Most of the services (Ex: March) issued to customers they give the Charges after a months (April) or two months (May) then Its a "Debtor Balance" as on 31/03/2018.

If you will receive any services or Stationary from others after you will give amounts to them as above then it's "Creditor Balance"

Isn't section 44ADA is the correct one to file return for professional income ? - Yes... It's correct upto Rs. 50 Lakhs...

or is there any other place. - If Our Profession is not eligible u/s 44ADA then we will move with ITR 3 as Regular.

 

Originally posted by : RAJA P M
If You are going to file u/s 44ada then You ll fill the above said details...And If You have those balances then You can fill that balance amount...Otherwise if You don't have balances then feed just 0...

Actually I replied based on Your 1st query...

But., I'm not get what is your actual income source/Activities for above said query...

Thanks for clarifying in detail.

So in my case: 

Date of credit for April is: 30-04-2017 and Date of tax deposition is: 06-05-2017

Date of credit for May is: 30-05-2017 and Date of tax deposition is: 29-06-2017

I only have two months into this financial year. Assuming X income in both months. What should be the values ?

When you said  " If You are a consultant (Ex : Auditor / Tax consultant). Most of the services (Ex: March) issued to customers they give the Charges after a months (April) or two months (May) then Its " 

So we have to take as per date on which tax was paid and not the date on which service fees is creditied ?

 

The balances are only Outstanding figures/Values. Not on service providing Values...

 

If you are provide service from 1st Mar to 31-Mar then the Value/Turn over / Receipts calculated on March the balnce amount oonly on Debtors balance...

 

As per your query no need any figures.

Thanks a lot. Got it!

You are most welcome...
GOOD LUCK...
HAPPY WITH CCI

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
09 June 2026
Accounts Associate

S Madan and CO

New Delhi

Graduate (Any)

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details
Company
12 June 2026
Accounts & Taxation Executive

Winshine Financial Services

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 27 June 2026
Article

SNCO

Mumbai

CA Inter

View Details
Company
24 June 2026
Senior Account (VA Client Operations)

Karbon Business

Bengaluru

CA Inter

View Details
Company
22 June 2026
Finance Manager- Chartered Accountant

Triveni Turbine Limited

Bengaluru

CA

View Details