Itr 4 balance sheet

This query is : Open

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.

CA Suresh Jain

CA Suresh Jain (Expert)
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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.

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..

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