Itr 4 balance sheet
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 July 2018
hi ,
i am contractual employee in govt. of gujarat. employer dedcut tax under section 194 J.. my total salary for the assessment 2018-19 is 486973 and my investment under 80C is 150000. i have confuse to make balance sheet.please guide me...my bank balance of 31 march 2018 is 475828. i want to file ITR 4...how to show this in balnce sheet.
i am contractual employee in govt. of gujarat. employer dedcut tax under section 194 J.. my total salary for the assessment 2018-19 is 486973 and my investment under 80C is 150000. i have confuse to make balance sheet.please guide me...my bank balance of 31 march 2018 is 475828. i want to file ITR 4...how to show this in balnce sheet.
21 July 2018
It seems that you are not treated as an employee but you are treated as a Professional and the tax is deducted accordingly. In view of this you are required to treat your income as Income from Business & Profession. If profession is eligible one you can go for presumptive profit of 50%.
Disclaimer : The answer to the query is given on the basis of the query as understood by the author. Author shall not be responsible for any loss or damage caused for the action taken based on the answer. The querist is advised to take legal opinion before taking any action.
Disclaimer : The answer to the query is given on the basis of the query as understood by the author. Author shall not be responsible for any loss or damage caused for the action taken based on the answer. The querist is advised to take legal opinion before taking any action.
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 July 2018
yaa, but my confusion is how to make a balance sheet..in new itr 4 form.. i have no secure , unsecured loans, sundry debtors, sundry creditors..i just have a bank balance and cash in hand....other fields are zero..
02 August 2024
For a contractual employee filing ITR-4 and preparing a balance sheet, here's a step-by-step guide to help you create the balance sheet correctly, given your situation:
### **Balance Sheet Preparation for ITR-4**
**1. **Understand the Balance Sheet Components:**
- **Assets:** Things you own (e.g., cash, bank balance).
- **Liabilities:** Things you owe (e.g., loans, creditors).
- **Capital/Net Worth:** The difference between your assets and liabilities.
**2. **Your Situation:**
- **Income:** Salary from government employment.
- **Investments:** Under Section 80C (not directly related to the balance sheet but affects taxable income).
- **Bank Balance:** ₹4,75,828 as of March 31, 2018.
- **Cash in Hand:** If applicable.
**3. **Balance Sheet Structure:**
#### **Balance Sheet as on March 31, 2018**
**A. **Liabilities:**
- **Sundry Creditors:** ₹0 (if you have no creditors).
- **Secured Loans:** ₹0 (if you have no loans).
- **Unsecured Loans:** ₹0 (if you have no loans).
**B. **Assets:**
- **Cash in Hand:** ₹0 (if you have no cash in hand).
- **Bank Balance:** ₹4,75,828 (as of March 31, 2018).
**C. **Net Worth (Capital):**
- **Capital:** ₹4,75,828 (if there are no other liabilities, this amount represents your net worth).
### **Filling ITR-4:**
1. **Part A - Balance Sheet:**
- **Column 1:** Fill in your assets and liabilities as mentioned above.
- **Column 2:** Enter `0` for items that do not apply to you (e.g., sundry debtors, creditors, secured/unsecured loans).
2. **Part A - Assets:**
- **Cash and Bank Balances:**
- **Bank Balance:** ₹4,75,828
- **Cash in Hand:** ₹0 (if applicable)
- **Fixed Assets:** ₹0 (if you do not own any fixed assets).
3. **Part A - Liabilities:**
- **Sundry Creditors:** ₹0
- **Secured Loans:** ₹0
- **Unsecured Loans:** ₹0
4. **Capital/Net Worth:**
- **Total Capital:** ₹4,75,828
5. **Other Sections of ITR-4:**
- **Income:** Mention your salary income in the appropriate section.
- **Deductions:** Claim your Section 80C deductions as applicable.
**Sample Balance Sheet Entry:**
| **Particulars** | **Amount (₹)** |
|--------------------|----------------|
| **Assets** | |
| Bank Balance | 4,75,828 |
| Cash in Hand | 0 |
| **Total Assets** | 4,75,828 |
| **Liabilities** | |
| Sundry Creditors | 0 |
| Secured Loans | 0 |
| Unsecured Loans | 0 |
| **Total Liabilities** | 0 |
| **Net Worth (Capital)** | 4,75,828 |
### **Key Points:**
- **No Liabilities:** If you have no debts or creditors, simply enter `0` for those categories.
- **Bank Balance:** Include all cash in the bank balance as your asset.
- **No Need for Additional Details:** Since you don’t have any loans or other liabilities, the balance sheet is straightforward.
### **Conclusion:**
This balance sheet reflects your financial status accurately, given that you only have a bank balance and no other significant assets or liabilities. Enter these details into the ITR-4 form where appropriate, and your tax return should be correctly prepared. If you have additional questions or complexities, consulting with a tax professional can be beneficial.
### **Balance Sheet Preparation for ITR-4**
**1. **Understand the Balance Sheet Components:**
- **Assets:** Things you own (e.g., cash, bank balance).
- **Liabilities:** Things you owe (e.g., loans, creditors).
- **Capital/Net Worth:** The difference between your assets and liabilities.
**2. **Your Situation:**
- **Income:** Salary from government employment.
- **Investments:** Under Section 80C (not directly related to the balance sheet but affects taxable income).
- **Bank Balance:** ₹4,75,828 as of March 31, 2018.
- **Cash in Hand:** If applicable.
**3. **Balance Sheet Structure:**
#### **Balance Sheet as on March 31, 2018**
**A. **Liabilities:**
- **Sundry Creditors:** ₹0 (if you have no creditors).
- **Secured Loans:** ₹0 (if you have no loans).
- **Unsecured Loans:** ₹0 (if you have no loans).
**B. **Assets:**
- **Cash in Hand:** ₹0 (if you have no cash in hand).
- **Bank Balance:** ₹4,75,828 (as of March 31, 2018).
**C. **Net Worth (Capital):**
- **Capital:** ₹4,75,828 (if there are no other liabilities, this amount represents your net worth).
### **Filling ITR-4:**
1. **Part A - Balance Sheet:**
- **Column 1:** Fill in your assets and liabilities as mentioned above.
- **Column 2:** Enter `0` for items that do not apply to you (e.g., sundry debtors, creditors, secured/unsecured loans).
2. **Part A - Assets:**
- **Cash and Bank Balances:**
- **Bank Balance:** ₹4,75,828
- **Cash in Hand:** ₹0 (if applicable)
- **Fixed Assets:** ₹0 (if you do not own any fixed assets).
3. **Part A - Liabilities:**
- **Sundry Creditors:** ₹0
- **Secured Loans:** ₹0
- **Unsecured Loans:** ₹0
4. **Capital/Net Worth:**
- **Total Capital:** ₹4,75,828
5. **Other Sections of ITR-4:**
- **Income:** Mention your salary income in the appropriate section.
- **Deductions:** Claim your Section 80C deductions as applicable.
**Sample Balance Sheet Entry:**
| **Particulars** | **Amount (₹)** |
|--------------------|----------------|
| **Assets** | |
| Bank Balance | 4,75,828 |
| Cash in Hand | 0 |
| **Total Assets** | 4,75,828 |
| **Liabilities** | |
| Sundry Creditors | 0 |
| Secured Loans | 0 |
| Unsecured Loans | 0 |
| **Total Liabilities** | 0 |
| **Net Worth (Capital)** | 4,75,828 |
### **Key Points:**
- **No Liabilities:** If you have no debts or creditors, simply enter `0` for those categories.
- **Bank Balance:** Include all cash in the bank balance as your asset.
- **No Need for Additional Details:** Since you don’t have any loans or other liabilities, the balance sheet is straightforward.
### **Conclusion:**
This balance sheet reflects your financial status accurately, given that you only have a bank balance and no other significant assets or liabilities. Enter these details into the ITR-4 form where appropriate, and your tax return should be correctly prepared. If you have additional questions or complexities, consulting with a tax professional can be beneficial.
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