While filing Itr-4, Amount mention in Column Gross turnover or Gross receipts must match with turnover declared in Form 26 As through GSTR-3B ?
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Quick Summary
This discussion clarifies the distinction between Gross Turnover and Gross Receipts when filing ITR 4. It explains that taxable turnover from GSTR-3B should match the 'TURNOVER' field for businesses, while professional receipts are reported under 'TOTAL RECEIPTS'. The thread also touches upon reporting bank balances, cash in hand, debtors, creditors, and stock, and advises comparing tax regimes for incomes under £2 lakhs.
Ok. I also want to know that If my business income is less than 2 lakhs, Should I file itr-4 under new tax regime or continue in old scheme? It is necessary to show balance with banks in itr-4? It is mandatory to show cash in hand, debtors, creditors, stock?