My small tuition class I am not maintaining any books of accounts I have only saving accounts and I file ITR 4 as my total receipt is nearly 500000 and I calculate tax u/s 44ADA i. e @ 50%
Now quarry is how can I disclose my investment in lic since 2010 @ premium annually 50000
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Investment in lic since 2010
Replies (18)
Are maintaining Balance sheet for Your filings...?!
Ya, profit and loss and balancesheet as well as capital account
You can show the amount in investments heads...
(Generally BS and PandL is not required or not applicable for presumptive taxation scheme).
(Generally BS and PandL is not required or not applicable for presumptive taxation scheme).
In my savings account there are cash withdrawals how to ajust it in my above-mentioned accounts
If it's personal then account under capital account...
To apply for loan final accounts are required therefore I prepare for it.
Ask details to bank...
OK thanks if I found any quarry then will you help me?
Yes., With pleasure.
Generally BS and PandL is not required for presumptive taxation scheme. I'm case bankers ask the same then we (may be with consultants) can prepare the details...
Generally BS and PandL is not required for presumptive taxation scheme. I'm case bankers ask the same then we (may be with consultants) can prepare the details...
You mean I have to give only taxable income and no need to upload any other details like p/l and balancesheet.
No., it's not mean that.
You can upload as per Your details.
You can upload as per Your details.
You replied that
Generally BS and PandL is not required for presumptive taxation scheme then it is only for me or while filing return it is required?
Generally BS and PandL is not required for presumptive taxation scheme then it is only for me or while filing return it is required?
You can prepare / provide BS and PandL. No more problem. As ITR 4 BS details required of some values...
Before preparing better to match the ITR details.
Before preparing better to match the ITR details.
OK thanks I want to make all details ready before to start filling ITR. But for my clarification is there is any statutory requirement to upload Pl & balancesheet
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