First time itr4 filing

ITR 465 views 2 replies

Dilip Khambete

122 Points Joined September 2022

I want to file it return of my son for the first time in 2026 as itr 4, since he is a freelance doctor.
He has around 20 lakh Rs in his savings account which I have deposited in cash in his account for last 25years as small amounts per month .
I want to file itr 4 where I need to show balance sheet in the return.there is a section in itr 4 where we need to fill these figures. can i put 20 lakh as capital account in it without showing any thing in the column of sundry creditors?. He does not have any fixed assets as he is a consulting.doctor. he does not have a clinic of his own also since he goes visiting consultant I need some advice on this. respected Members suggestions are most welcome

kind Regards

Replies (2)

Aashok Kumar Sharma

Manager - Finance and Accounts

59154 Points Joined June 2010

Yes, you can safely show ₹20 lakh as Capital in the ITR-4 Balance Sheet, matched with “Bank Balance” on the assets side, with ₹0 creditors, since your son has no liabilities or assets.

This is perfectly valid for a first-time ITR-4 filer under presumptive taxation (44ADA).

Dilip Khambete

122 Points Joined September 2022

Thank you so much sir . I was confused as to what to do about this as there are very few cases like this since people generally take loan and start , i wanted to avoid that. Thanks once again.