RISIS (SERVICE & POSSESS ACCOUNTS FIRM) (49 Points)
11 September 2008In case of a Sole Proprietorship Business , does it necessary to submit the business balance sheet while submitting Income Tax return of the proprietor ? If My business balance sheet does not require any audited balance sheet then what paper should be affixed with my Return of ITR 4?
CA RAMESH KUMAR AHUJA
(CA, DISA, LLB)
(5452 Points)
Replied 12 September 2008
Yes. However, in case the books are not maintained and the business income is being returned in accordance with the deeming/presumptive provisions like 44AD, 44AE or 44AF then the B.Sheet is not necessary.
Rishubh Mathur
(Analyst -Taxation)
(442 Points)
Replied 12 September 2008
Hi
You are no longer required to submit any documents along with your Income-tax return. But still you need to timely finalize your books, as they act as a base on which your income and tax liability will be assessed.
If you are not required to prepare your accounts u/s 44AA, even then an appropriate and reasonable estimate of your receivables, payables, cash-in-hand, investments, income & expenes is required to be prepared as on 31-3-2XXXX.
This is a prerequisite before preparing & filing your income-tax return
CA Rachit K Patel
(Chartered Accountant)
(1503 Points)
Replied 12 September 2008
the basic books of accounts must be kept.
CAclubindia
