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44AD.

Jitendra Bhansali (39 Points)

13 July 2018

If I am filling ITR under 44AD, am I required to fill balance sheet in ITR or only Debtor creditor cash and stock?

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18 Replies

CA ABHAY GUPTA (Practice) (3230 Points)
Replied 13 July 2018

only debtor/creditor/cash/stock needs to be declare in case of 44Ad

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RAJA P M ("Do the Right Thing...!!!") (128029 Points)
Replied 13 July 2018

You can just fill the Cash, Stock, Sundry Debtors and Creditors balance...

Vinod Babu (24191 Points)
Replied 14 July 2018

In cases where the profits and gains from such business / profession are computed and offered for taxation at the minimum prescribed rate or at any higher amount, there is no liability to mandatorily keep and maintain the regular books of accounts as per the provisions of Section 44AA of the Act. Thus, in such cases the assessee may not have balance sheet and profit and loss account.

The formats of the concerned Income Tax Return forms also takes care of the provisions of these sections and as such do not mandatorily requires the assessee to fill therein the figures of balance sheet and profit and loss account regarding such business / profession.

Jitendra Bhansali (39 Points)
Replied 14 July 2018

As I asked a CA he told in 18-19 we must require to maintain Book in 44 AD

RAJA P M ("Do the Right Thing...!!!") (128029 Points)
Replied 14 July 2018

If the section must required books of accounts then the sec no need to taxpayers and also in income tax...

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Raman Singla (Accounts Services) (167 Points)
Replied 16 July 2018

ITR 4 under 44ad cell corresponding to GSTIN which sale we have to put..... Total turnover or turnover of GST period

RAJA P M ("Do the Right Thing...!!!") (128029 Points)
Replied 16 July 2018

GSTIN and Gst sale values in "E9 and E10" that Particular Column. Total Turn Over and Profit values in "E1 and E2...

Advocate Durgesh Paliwal (consultant) (69 Points)
Replied 16 July 2018

IN NEW ITR-4 RETURN DEMAND ALL DETAIL LIKE CAPITAL SECURED UNSECURED LOAN DEBTOR CREDITOR AND ALL OTHER COMPONENT OF BALANCE SHEET

Ali Ahmed Khan (CA Student) (245 Points)
Replied 03 August 2018

FOR AY 17-18 ITR FILED UNDER 44AD (PRESUMPITVE INCOME), NOW THIS AY 18-19 IF ITR 3 IS FILED WITH COMPLETE BALANCE SHEET & P&L ACCOUNT IS FILE, THAN WHETHER AUDIT IS REQUIRED OR NOT?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (171248 Points)
Replied 03 August 2018

Sec. 44AD ... as effective from AY 2017-18.........(4) Where an eligible assessee declares profit for any previous year in accordance with the provisions of this section and he declares profit for any of the five assessment years relevant to the previous year succeeding such previous year not in accordance with the provisions of sub-section (1), he shall not be eligible to claim the benefit of the provisions of this section for five assessment years subsequent to the assessment year relevant to the previous year in which the profit has not been declared in accordance with the provisions of sub-section (1).

(5) Notwithstanding anything contained in the foregoing provisions of this section, an eligible assessee to whom the provisions of sub-section (4) are applicable and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB.]

So, yes, if his total income exceeds BEL and if he has declared lesser than 6/8% profit margin.

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Ali Ahmed Khan (CA Student) (245 Points)
Replied 04 August 2018

THANKS SIR... I GOT IT

Mohammed Ali M (6 Points)
Replied 06 July 2019

Does 44AD case needs CA sign

Ali Ahmed Khan (CA Student) (245 Points)
Replied 06 July 2019

You mean Attestation.....

Except of ITR below 1 crore (Audit Case) no such attestation/signed required.... But if Bank or Loan granting agency demands than attestation shall be taken by Practicing CA..........