vijay nagar (proprietor) (27 Points)
13 July 2018IS IT NECESSARY TO FILL COMPLETE FIGURE OF BALANCE SHEET IN ITR 4 AS PER THE CHANGES IN THE FORM.
WHAT IF SOMEONE IS NOT MAINTAINING BOOKS TILL LAST YEAR WHAT IS THE WAY TO PREPARE THE BALANCE SHEET WHETHER IT CAN BE MADE ON THIS YEARS FIGURE OR WE NEED TO CONSIDER PREVIOUS FIGURES ALSO????
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 13 July 2018
Not mandatory for all fields except Cash, Stock Inventories, Sundry Creditors and Debtors is Required...
Yes... You can prepare as per Your Outstandings.
vijay nagar
(proprietor)
(27 Points)
Replied 13 July 2018
Thanks for your response sir
but if i fill figures of sundry creditor as well as cash and inventories then there will be mismatch in the figures between liabilities and assets.
In that case we are forced to fill complete balance sheet isn't that right sir.
ponnusamy
(Student)
(33 Points)
Replied 13 July 2018
Hi,
Any business with a turnover not more than 2 crore can take benefit under presumptive scheme of taxation under section 44AD. Under presumptive scheme the profits of businesses are presumed as
1. Small business : 8% of sales with a business turnover less than 2 crore – Section 44AD (6% of total payments received digitally)
2. Specified Professionals : 50% of sales with turnover less than 50 lakhs per annum – Section 44ADA
If you choose to show your income Presumptive scheme no need to maintain books of accounts. To disclose the financial paritulars of the business (balance sheet) you can shown approximately figure expect bank balance & cash balance. All other figures are shown appox figure.But Please ensure balance sheet will be tallied.
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 13 July 2018
@ Mr. Vijay nagar
No need to worry about the Mismatch in ITR-4.
Bcoz, ITD don't ask for the above. It's only reporting purpose...
CAclubindia
