Mandatory column-ITR 4 44ad

This discussion addresses whether small business owners with a turnover up to ₹22 lakh, opting for ITR 4 under Section 44AD, must declare their bank account balances. While some financial details are mandatory, the consensus suggests that bank balances themselves might not be strictly required, though other particulars like sundry debtors, creditors, cash, and inventory are. The turnover being below ₹1 crore means a tax audit is not compulsory.