06 December 2011
I want to file return of Individual as per Sec 44AD for AY 2010-11 & AY 2011-12 then which ITR to be used ? Is there a need to prepare the Balance Sheet and Profit & Loss A/c?
06 December 2011
for A.Y. 2010-11 ITR-4 and for A.Y. 2011-12 ITR 4S will be filed, if the assessee has no other business income. Books are not compulsory for business for which income is declared u/s 44AD, So, there is no need to prepare Balance sheet and P&L Account.
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