27 July 2009
I want to know if there is no assets, no liabilities and no capital, can we mark balance sheet schedule in ITR 4 as N.A. or NIL. If not, how can we treat it?
This is a case, in which whole income is from insurance commission, where no expenditure is shown. Is filling ITR 4 correct?
28 July 2009
In ITR 4 there is an option of no accounts case, where you have to mention 4 details of B/S. & 4 details of P & L. B/S. items contains debtors, creditors, cash balance & stock in trade, while P & L item contains gross receipts, gross profits, expenses & net profit. in your case u can just mention details of cash in hand, gross receipts as commission income & as u are not claiming any exps. net profit will be same as goss recipts, rest of the details is not required to be filled.
But you require to fill details of nature of business, method of accounting employed & personal details in the form.
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