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Itr-4 sugam ay 2018-19

SSG (1936 Points)

25 April 2018

In ITR-4 Sugam for AY 2018-19, do every assessee need to fill the amounts in the table "FINANCIAL PARTICULARS OF THE BUSINESS" - Capital, Loan, Fixed Assets, Bank Balance etc. Please advise.

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11 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160322 Points)
Replied 25 April 2018

YES

May the value be zero.

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SSG (1936 Points)
Replied 25 April 2018

Sir, that means Balance Sheet needs to be prepared in every case for which ITR-4 has to be filed.

But all such info. - Capital/Loans/Fixed Assets/Bank Balance, are not required in ITR-3. That ITR still have old rows - Debtors/Credtiors/Stock/Cash in Hand etc, where no books of accounts are maintained.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160322 Points)
Replied 25 April 2018

That means Balance Sheet needs to be prepared in every case for which ITR-4 has to be filed.

These details are generally available with all the business owners, who maintain accounts on temporary basis. Secondly, wherever GST applicable accounts are compulsorily maintained........ Yes, these will not be asked to be produced for scrutiny when declared under presumptive scheme.

But all such info. - Capital/Loans/Fixed Assets/Bank Balance, are not required in ITR-3. That ITR still have old rows - Debtors/Credtiors/Stock/Cash in Hand etc, where no books of accounts are maintained.

The difference may be removed later, by upgraded version of ITR 3

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SSG (1936 Points)
Replied 25 April 2018

ITR-4 is for presumptive taxation and many assesses are filing it without maintaining any record.

Such details should be asked from the assesses registered under GST. The government should come up with filling instructions, as in ITR-1.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160322 Points)
Replied 25 April 2018

" ITR-3 is for presumptive taxation and many assesses are filing it without maintaining any record."

ITR 3 (AY 2018-19) is particularly for income under head Business & Profession, may it be normal asessment or presumptive assessment.

For presumptive assessment of any income under PGBP, ITR 4 is more suitable. But for any other reason when ITR 4 cannot be filed, ITR 3 is the option left.

Practically, in AY 2017-18......more defective notices were issued for ITR 3, when such details were not declared.

SSG (1936 Points)
Replied 25 April 2018

I have corrected ITR-4 in place of ITR-3 in my above post.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160322 Points)
Replied 25 April 2018


	I have corrected ITR-4 in place of ITR-3 in my above post.

The internal policy of the department is to bring more and more people under scanner, so that any loopholes in the system is plugged. And the digitallization has helped the system to achieve the goal without much effort.

So, be ready for any such gimmicks that may be added every year.

Secondly, don't be under impression that whatever passed last/earlier year without notice, will go through this year also. (results already seen last year in number of defective notices)

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SSG (1936 Points)
Replied 28 April 2018

As per instruction issued, only figures for Debtors, Creditors, Stock and Cash in Hand are mandatory in ITR-4 Sugam. Rest can be filled if available. A new set of BUSINESS CODES FOR ITR FORMS FOR A.Y 2018-19 has been issued.

SURANA (PROPRIETOR) (515 Points)
Replied 15 June 2018

Even i feel there is some mistake on the part of ITR... specially for non gst registered assessee and falling under 44AD or 44ADA

though there is condition with regard to "FINANCIAL PARTICULARS OF THE BUSINESS" E11 to E25

Condition being "Please refer to instructions for filling out this schedule (E15 E19 E20 E22 are mendatory and other if available)

so does that mean the the software of department wont check the figure of E17 = E25 ?

but if we only put the figures of E15 /E19/E20/E22 then the source of fund and Application of Fund will have mismatch

and the note says "other if available" wondering if this mismatch wont result into defective notice...?

As anyone already tried this and received order or defective notice?

ITR 4 should ask minimum detail with regard to Balance Sheet... after all it is meant for business or professional where books of account are not maintained.. and on other hand all detail of balance sheet is asked as if books are maintained...
A person who doesnt not maintain books can not give this detail....

Now even in June month the ITR 3 doesnt need full balance sheet... only point no. 6 of Part A- BS is fine for 44AD/44ADA.... (Strange)

1 Like