Filling ITR-4 in Account as well No A/c case
Manish
(Querist) 17 April 2008
This query is : Resolved
An individual is having two sources of income- A and B. (A) is specified profession where gross receipts >1.50 Lakh and he is required to maintain books of a/cs. (B) is retail trade u/s 44AF and so not required to maintain books of a/c.
My Qn is: How should he fill up the "Part A-P&L" in ITR4.
Option I: Should he fill up item 1 to 50 for (A) and 51 for business (B) ? (but subsequent "Schedule BP" reads in col. A.1 "Item 43 OR (not and) item 51d of Part A-P&L".
Option II: he should sum up the figures of Profession (A) with the parameters of business (B) as required in 51a to 51d and mention in items 1 to 50.
Can’t in Option II the AO may ask to produce books for business (B) also on the plea that “you have filled the items as if books are maintained”.
Same is the confusion with regard to PartA-BS.
Please Guide.
Rajesh Thakker
(Expert) 25 April 2008
As regarding source of business income A you have to disclosed all your receipts and expenditiure in Part A P & L a/c. You have to mentioned about your source of income u/s 44AF at lower side of information boxes of the said part in which you have to disclosed aonly gross receipts/expenditure and net income.
If your some expenditure like telephone, light bill, travelling, etc. you have to bifurgated between two according to turnover basis.
Same way you can disclosed your financial data into the balance sheet.
Rajesh Thakker
(Expert) 25 April 2008
As regarding source of business income A you have to disclosed all your receipts and expenditiure in Part A P & L a/c. You have to mentioned about your source of income u/s 44AF at lower side of information boxes of the said part in which you have to disclosed aonly gross receipts/expenditure and net income.
If your some expenditure like telephone, light bill, travelling, etc. you have to bifurgated between two according to turnover basis.
Same way you can disclosed your financial data into the balance sheet.
