***44AD***
Catherine (Article) (141 Points)
27 April 2022Kindly clarify whether we need to prepare balance sheet and P&L if we are filing business income under 44AD?
Thanks in advance
prasad Nilugal
( GST Practitioner & Accounts )
(14599 Points)
Replied 27 April 2022
prasad Nilugal
( GST Practitioner & Accounts )
(14599 Points)
Replied 27 April 2022
Count above............
Cash in Hand are mandatory In ITR4 ( 44AD) .
JJJ
(Need help)
(673 Points)
Replied 27 April 2022
No, you don't need to maintain detailed accounts. But most balance sheet closing figures will be needed, so may as well.
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 27 April 2022
Section 44AD is a presumptive taxation scheme that was introduced by Income Tax Law in order to ease the tax burden on small taxpayers or assessees. Individuals who come under the provisions of this scheme need not maintain or show books of account, nor are they required to get an audit performed on the same.
CA Puja Sharma
(Chartered Accountant)
(4984 Points)
Replied 27 April 2022
No, you don't need to report the balance sheet & profit & loss account while filing a return of income u/s 44AD
You may have to mention a few figures relating to the business, like debtors' and creditors' balances. cash balance extra as on 31st March
veerendar singh
(tax consultant)
(3301 Points)
Replied 27 April 2022
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)