Business income of an assess is Rs.70,00,000 (Seventy Lakh) from his 2 businesses, from business XRs.36,00,000/- & business Y Rs.34,00,000/-. Is he liable to audit his books of accounts & how he will fill his 2 businesses Details in one Sheet of ITR- 4 in Part A- of Balance-sheet and Part B- of Profit & Loss ?
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Liable to audit or not and filling of ITR- 4
Replies (3)
Mr.Vijayk Kr. Mishra
The accounts to be audited u/s 44AB.
As far as the second question raised by I do not have any answer. We have to make a representatin to CBDT to provide a facility in ITR to fill up BS and PL shcedules like house property if there exist more than one business.
Best Wishes
Sathikonda
i to agree with sathikonda but the only remedy which we see in ur 2nd ques is to merge boths the balance sheet and p/l accounts and then fill the itr 4 to file the proper return
as far as i know
in ITR - 4 ... we ll include same kinda information ( two or more than business) in one column... coz we hav 1 b.s. and 1 p&L a/c in ITR - 4..
so include .. boths capital, reserves, investments, creditors, debtors anc cash balance and fill in ITR - 4
and use same with Profit & loss a/c
u can take more help from other C.A.s
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