Please let me know in case of manufacturning business, turnover is 35 lakhs,
I am filing ITR 4
Is it necessary to file balance sheet with all details or I can file balance sheet without details (no accounts case).
Piyush (Manager) (64 Points)
12 June 2012Please let me know in case of manufacturning business, turnover is 35 lakhs,
I am filing ITR 4
Is it necessary to file balance sheet with all details or I can file balance sheet without details (no accounts case).
MAHESH GARG
(AUDIT EXECUTIVE)
(334 Points)
Replied 12 June 2012
In case of Individuals / HUF assesse is given an option to file income tax return computing income on presumtive basis @ 8% of total turnover where Turnover is not exceeding Rs. 60 lacs under section 44AD. No accounts details are required in this case.
Moreover you will have to file ITR 4S(Sugam) for Presumptive Business Income tax Return
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