Question ID :
31632
Balance sheet details in Presumptive taxation
In the latest Form ITR 4 for Presumptive taxation,they are asking for Balance Sheet. Whether a person rendering tution serviceprofessional service like accountancy in individual capacity should also provide all details of his personal assets and liabilities in it?
Posted by
Mahesh Kumar
on
May 15, 2018
Filed Under
DIRECT TAXES
yes for the firmconcern in which the business activity is reported. but as per instruction some entries are mandatory and some are to be reported if it is available.
Posted by
CA. RACHIT JAIN on
May 15, 2018
Answer ID :
68638
financial particulars are mandatory. assests and liabilities required only if total income exceeds 50L
Posted by
VINAY BHARGAV KUMAR G on
May 16, 2018
Answer ID :
68643
As I under stand you are required to file return under section 44ADA of ncome Tax if your gross receipt is below Rs. 50.00 Lakhs and 50 of same shall be deemed to be taxable income. In this case you have to provide only gross receipt nothing else.
Posted by
CA. SATISH CHAND GARG on
May 17, 2018
Answer ID :
68667
No, What is asked in the ITR is details regarding assets and liabilities of the business or profession. There is no requirement to provide the details of personal assets and liabilities.
Posted by
Sandeep Sankaran on
May 24, 2018