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Query regd ITR-4

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student
54 Points Posted on 22 August 2019
if a person is engaged in Tailoring work and having income 3-3.5 lacs, then Is it mandatory to show Value of Fixed Assets and Bank balance as on 31st March in Financial Particular of the business.
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On 22 August 2019 at 11:41 Report
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Practicing CA
7756 Points Posted on 22 August 2019

mandatory to show cash , inventory, debtors & creditors other fields are optional 

25 Reply
On 22 August 2019 at 11:49
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student
54 Points Posted on 22 August 2019
that i know
but i just wanted to ask that whether Income Tax Department will raise any objection if we don't show the bank balance or fixed assets ?
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On 22 August 2019 at 11:53
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17264 Points Posted on 22 August 2019
I presume you are using ITR 4 and showing income under 44AD.
it's not mandatory to show fixed assets and Bank balance.
Show Inventory Debtors Creditors Cash on hand as of 31st March 2019 if any . Otherwise enter zero.
101 Reply
On 22 August 2019 at 12:37
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Practicing CA
7756 Points Posted on 22 August 2019

filling this details are not mandatory you may left this fields blank

 but dept can ask any information they want under various sections subject to conditions specified in those sections 

25 Reply
On 22 August 2019 at 12:55
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17264 Points Posted on 22 August 2019
Mandatory fields you have to fill amount or nothing then zero. You can't leave mandatory field blank
101 Reply
On 22 August 2019 at 13:30


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