Itr 4 is balance sheet compulsory

This discussion addresses whether a balance sheet is compulsory when filing Income Tax Return (ITR) 4. The user is asking if it's permissible to enter '0.00' for all assets and liabilities if the figures are negligible or not applicable. The general consensus suggests that while ITR 4 requires reporting of stock, debtors, creditors, and cash, a full balance sheet might not always be mandatory depending on the business structure and turnover. It's advised to check specific guidelines or consult a tax professional for definitive clarification.