ITR

AS THE INCOME IS NOT ABOVE RS. 120000, YOU CAN SHOW THE BUSINESS INCOME AS NO ACCOUNT CASE. YOU NEED TO FILE ITR - 4 FOR THIS (ASSUMING YOUR CLIENT IS RUNNING A PROPRIETARY BUSINESS).  

FOLLOWING ARE FIGURES REQUIRED FOR NO ACCOUNT CASE :-

BALANCE SHEET

1) AMT. OF SUNDRY DEBTORS

2) AMT. OF SUNDRY CREDITORS

3) AMT. OF STOCK IN TRADE

4) AMT. OF CASH BALANCE

PROFIT AND LOSS A/C

1) GROSS RECEIPTS

2) GROSS PROFIT

3) NET PROFIT

4) EXPENSES

IF POSSIBLE, MAKE A P&L A/C AND B/S, FOR YOUR REFERENCE FOR THE NEXT ASSESSMENT YEAR.

REGARDS,

DEVENDRA P KULKARNI

BUT IF I PREPARE THE BALANCE SHEET AND SHOWS THE BUSINESS PROFITS OF RS, 190,000 THEN IT IS OK.

PLS. REPLY IT.

Mr devendra is right........in case no accounts 4 figures should be disclosed as he stated correctly....

Mr Devendra is right...

If u r not covered u/s 44AA and 44AB, accounts books are not required.

Only the four figures as said by Mr Devendra is to be disclosed in the ITR.

when books of accounts are not maintained u should not enter the figures on assumption

u have to collect the details of creditors, debtors, stock-in-trade and cash balance

gross profit, net profit, gross receipts and expenses

BUT THE CLIENT WANTS THE RETURN OF RS. 1,90,000 NOW WHAT CAN I DO

 I HAVE ONLY TWO OPTIONS EITHER MAKE A BALANCE SHEET AND FILE THE RETURN OR I SHOW THE BUSINESS INCOME LESS THAN RS. 1,20,000 AND SHOWS THE MISC. INCOME.

WHICH CAN I DO?

PLS. HELP ME.

REgarding This Matter

I Suggest U That 

Make Balance Sheet PL

and Show Maintaining Books of Accounts U/s 44AA

& Show Income More or Less 1.9Lacs.

Bcoz It Does Not Make Difference..............

Regards,

Ayush Agrawal