My income is from profession (IT consultant). I need help on how I fill Part BS, P&L and Schedule BP of ITR4
Here are the facts -
I received Rs. 1,85,990 from the company I was working for.
Of this I incurred expenses of Rs. 1,20,000. (These are my house hold and family expenses.)
TDS was approx Rs. 18,599.
I am filling ITR4 for the above as follows:
Part BS:
6a Amount of total sundry debtors 0
6b Amount of total sundry creditors 0
6c Amount of total stock-in-trade 0
6.d Amount of cash balance : (1,85,990-1,20,000) = 65,990
All other fields are 0 in Part BS
Part P&L:
51.a Gross receipts 1,85,990
b. Gross profit 1,85,990
c. Expenses 1,20,000
d. Net profit (auto) 65,990
All other fields are 0 in Part P&L
Schedule BP:
A.1 Profit before tax as per profit and loss account (item 43 or item 51d of Part A-P&L ) 65,990 (from 51d)
A.37 Net Profit or loss from business or profession (same as above in 36 except in case of special business, after applying rule 7A, 7B or 7C) 65,990
All other fields are 0 or auto generated in in Schedule BP.
Am I doing the right thing?
Last Year my total income was 75,500 and my TDS was 7,550. This is the second year I'm filing my IT returns.
Thanks in Advance,
Leo
CAclubindia
