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BALANCE SHEET WHEN REQUIRED

nikhil bhudolia (CA FINAL) (109 Points)

12 June 2017

when does balance require in case of individual...while filing ITR

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Sanjay S (Chartered Accountant) (1375 Points)
Replied 12 June 2017

A balance sheet is required...When the individual has a proprietorship business and is filing ITR 3..(not opted for presumptive tax)

If individual has opted for presumptive tax and filing ITR-4 SUGAM. then only some financial details are required. If total income exceeds Rs.50 Lakhs, then some other details of Assets and Liabilities are required to be given. But balance sheet..as such.. is not required if presumptive taxation is opted.