ITR 4 PROFESSION

Others 262 views 4 replies
Hi Experts,

My query is in the process of filling itr 4, what amount I need to show as per 26 As or as per bank statement,in last year when I show amount as bank statement income tax department send me notice for mismatch....... because of this I needed your expert opinion

2nd thing how to prepare balance sheet and P&L for web designer (proprietorship firm)
Replies (4)
Inorder to avoid the problem of notice being sent by department make sure that income u state in ur return is more than income reflected in 26AS while considering Income credited in ur bank account.
for preparing Balance sheet n p&l u need to maintain books of accounts such as cash book, ledgers of various accounts and so on. Instead of this maintenance of accounts u can file return by showing 50% of ur gross receipts as income if ur total gross receipts doesn't exceed 50L.
but filling balance sheet and p&l is mandatory this year
one thing you should know for Income tax filing is you have to show turnover more than are equal to form 26AS.. other wise department will issue a notice under sec 143(1)a..
if u wish to file ITR 4.. no need to maintain books of accounts so don't worry about balance sheet and P&l and you should mention only mandatory columns like creditors , debtors, cash amount, inventory etc.. if u have no debtor or creditor or inventory etc. don't worry please put "0" to all and fill only cash column with certain amount and file Return...
thanks you so much


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